Ever since mortgage rates of interest jumped in 2022, some Californians have had a method: Purchase now and, as soon as charges drop, refinance to avoid wasting a whole bunch of {dollars} every month.
The thought — pushed by some actual property brokers — was purported to be a trade-off. The client may decide up a house in a slower market, and although curiosity prices could be excessive, they wouldn’t keep that means.
The technique should still work, however to this point, excessive borrowing prices are right here to remain. In latest weeks, charges have climbed greater, surpassing 7% for the primary time since final yr.
In case you purchased a house with this technique, The Occasions wish to converse with you about the way it has labored out.