I want to buy a home in Los Angeles but the interest rates are to high, should I wait for the rates to come down?
In 1971, the interest rate for a mortgage was 7.33%. If you waited for interest rates to come down, you wouldn't have purchased a home until 1993. You would have rented for 22 years waiting for rates to go down, meanwhile the value of real estate quadrupled. So to answer your question, don't wait to buy real estate, buy it now. If you need financing to purchase a home, you will be surprised to know that there are ways to lower the interest rate of the loan, talk to your local real estate loan officer or give me a call.