What Does Brexit Mean for Mortgage Rates?admin
Brexit vote sends mortgage rates tumbling to 3-year low.Mortgage rates fell this week to a level not seen since May 2013, as the United Kingdom's vote to leave the European Union shocked financial markets already unsettled by mixed reports about the U.S. economy.
The last time the 30-year fixed was lower was in Bankrate's survey conducted May 8, 2014, when it stood at 3.6%. It rose half a percentage point, to 4.1%, just 4 weeks later.
- The benchmark 15-year fixed-rate mortgage fell to 2.89% from 2.97%.
- The benchmark 5/1 adjustable-rate mortgage fell to 3.01% from 3.06%.
- The benchmark 30-year fixed-rate jumbo mortgage fell to 3.67% from 3.71%