Phoenix Mortgage Specialist David Wallace: 'Don’t wait for rates to go to 3%… it might never happen'

Phoenix mortgage specialist David Wallace said prospective homebuyers should reconsider waiting for historically low interest rates to return, arguing that current conditions still present strong opportunities to enter the housing market.

“Don’t wait for rates to go down to 3%,” Wallace said. “In my opinion… rates should never have been at 3%. That was artificial… it’s not gonna go back there.”

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Wallace, president of Strive Point Advisors, made the comments during an interview on the Phoenix Business Brief Podcast, where he discussed lending strategy, housing trends, and his shift from mortgage banking executive to broker.

He said today’s buyers should focus less on chasing lower rates and more on long-term value. “It is a buyer’s market right now, so buy the house and let it appreciate,” Wallace said, adding that real estate has remained one of the strongest long-term investments over decades.

Wallace explained that his move to a broker model allows him to shop loans across multiple lenders, giving borrowers more flexibility and often better pricing. “I can shop the loan to anybody I want… whoever has specials going on,” he said.

That flexibility, he said, can be especially valuable for borrowers with unique financial situations or for first-time homebuyers trying to make the rent-versus-own calculation.

“Are you going to pay somebody else’s mortgage, or are you going to pay equity to yourself?” Wallace said.

In addition to residential lending, Wallace said a significant portion of his work involves helping small businesses secure capital, particularly through SBA loans and refinancing strategies.

“I spend at least 50% of my time helping businesses get debt financing to try and grow their business,” he said.

He pointed to a recent example where he helped a commercial cleaning company refinance high-interest debt and acquire competitors, reducing monthly debt payments from about $22,000 to $8,000 while expanding operations.

“They increased their top line and their bottom line performance and reduced their cash flow,” Wallace said, calling it a “huge win” for the business.

Wallace, who has worked in finance since the early 1990s and previously held C-suite roles in multiple mortgage companies, said his current approach prioritizes transparency and long-term relationships.

“I’m just a straight shooter. I’m gonna give you exactly what it is,” he said.

Wallace is president of Strive Point Advisors and has held executive roles in multiple mortgage and financial firms since the late 1990s, including serving as a CFO in the mortgage sector.