There are two other things to consider. The first is that Fed policy can be assumed to be built into the markets. Prices in liquid markets are based on the best possible public information. Therefore, if I know about the pending change in the interest rates, that is public knowledge and will already be priced into the market rates. Any speculation I may have about interest rate changes is probably based on less information than what the market is already using, therefore my prediction has a lower likelihood of success; in case it is merely gambling to speculate.

The other consideration is that while changes in the interest rates may not impact the decision to purchase, they may impact the timing of the purchase. A house bought in 2006 when prices and rates were high would have been a much worse investment than the same house purchased in 2009 when...
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