We’ve been hearing about it for weeks. Will the British leave (Brexit) or remain in the European Union? This week, the U.K. voted to leave the EU. Here are the implications for mortgage rates and how you can benefit.
Early Friday morning, the citizens of the United Kingdom voted to leave the European Union. In the last 24 hours, there has been significant turmoil in the financial markets, as the fate of one of the largest market economies in the world is up in the air. You might not want to look at your 401(k) today, but in this time of turmoil, there comes great opportunity to refinance or purchase a home with a low interest rate.
Interest rates are currently at three-year lows. With the uncertainty that comes with the Brexit, the stock market is taking a significant hit. This will drive investors to purchase more bonds, which are considered safer than stocks. And as this happens, bond prices increase and interest rates are expected to go down.
How This Affects You
This is a great opportunity for those in the market for a mortgage. Because of lower interest rates, you can potentially save thousands of dollars over the life of your loan. There is no better time to move forward with a mortgage than right now.
Opportunity and Urgency
With chaos in the financial markets and stock values decreasing, it’s easy to panic. But when opportunity strikes, keep a cool head and check out today’s rates now!
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