Thoughts on current interest rates

[Dane Moreton]

I'm looking to get into my first property as an investor; specifically, a SFH rental. I have $40K for a downpayment, but, as this is an investment property, I am looking at 7.125% APR with 25% down, or 7.5% with 15% down, and 2 points. I am in TX, and the market I am looking to buy in, the median home value has decreased by 3%.

The strategy right now is to build equity and cash flow income (on this, then other properties) until I can get a 25% downpayment for a triplex or fourplex. 

My question is, with these current interest rates, does it make more sense to wait until they come down (when prices may likely rise becuase of it) or jump in on a good deal on a home, with the possibility of refinincing in 2 years when rates will most likely be back down?

Of course, these are assumptions here, but wondering what the experienced investor would propose in this situation, with the current funds in the current market, with the current strategy.

TIA!