When Britain voted to withdraw from the European Union in June, homeowners began to enjoy a season of low rates and excellent refinancing opportunities. Now, four months after Brexit, mortgage rates have begun to bounce back and approach pre-Brexit levels—but don’t worry! Their ascent is expected to be short-term and the numbers are still very reasonable.
Since two weeks ago, when the British voted to withdraw from the European Union, every segment of the US economy has drastically changed. Stock values have decreased (even internationally), the pound has dropped well below the value of the dollar, and trade with Great Britain has begun to shift. The housing market is no exception to these substantial changes.
Britain has now voted to leave the European Union and the most prominent effect Americans will experience from this decision is the predication that interest rates will remain at all-time lows for an extended period of time. This comes at a time when rates are already 17% lower than the median of this decade.