The effects of Brexit are beginning to make their way across the U.S. as mortgage rates begin to drop. Everyone anticipated some form of economic change, and our mortgage rates are showing it. If you're thinking about purchasing a new home, or you've been considering refinancing your current mortgage, now may be one of the best times.
In November of 2012, we hit our all-time lowest mortgage rate of 3.31 percent. Last week, we saw rates at 3.42 percent. This is a notable decrease from the rate of 4.09 percent one year ago. According to The Seattle Times, "investors fled to the safety of U.S. Treasury bonds after Brexit, driving up their prices and lowering their yields."
Even The New York Times has noted that American homeowners, and soon-to-be homeowners, can thank British voters for our recent decline in mortgage rates. It was predicted that Brexit would have a significant influence on our market, and it looks like we'll be seeing more of this decline in the weeks ahead. You might even want to think about refinancing right now if you aren't ready to buy a home.
Refinancing your mortgage can be helpful for a number of different reasons. If you're wanting to switch your loan from a 30-year fixed rate to a 15-year loan in order to pay off the loan sooner, you can thank Brexit for making this an easy choice for you.
Read the full article on The Seattle Times.
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