By now you’ve heard Britain has voted to leave the European Union (EU) and you’ve likely seen what the vote has done to Wall Street, but what about it’s impact on mortgage interest rates?
Greg McBride, Chief Financial Analyst at Bankrate, said rates could sink to record lows in the coming weeks.
“If you’re a borrower, don’t wait to lock your rate, as this opportunity may not last long,” McBride said.
They’ve already hit rock bottom this year. In the past month alone, the 30-year fixed-rate mortgage is nearly at a three-year low. Britain’s vote to leave the European Union is expected to drive rates even lower.
This is good news for buyers and sellers. Since the expectation is still that mortgage interest rates will increase by the end of the year, now is a great time to sell your home and trade up, or get out of the rapidly increasing rental market and buy the home of your dreams. For current interest rates contact your Regency Mortgage Planner.
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