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What does Britain’s exit from the European Union, or Brexit, mean for us here in the USA? There’s much speculation but one thing for sure is the effect on the mortgage rates.
The Fed had previously increased rates with plans for a few more hikes in 2016. Partly based on speculation that Britain might leave the EU, they decided to forego any further rate hikes. Now, with that being a reality, it looks as though any Fed rate hikes are off the table for now.
So, in the good old USA, our mortgage rates will remain at all-time lows for a while longer. How long? Your guess is as good as anyone’s. Let’s make some hay while the sun still shines.
With all the doom and gloom being reported about Brexit’s effect on investments and retirements accounts consumers may need a little good news. Continued low mortgage rates are just that. Those who may have waited and missed the opportunity to refinance to a lower rate now get a second chance. Those looking to buy will find it more affordable now because of the lower rates.
As I said before, now is the time to spread the word about the great opportunities for homeownership. We have a number of low down payment options and historic low rates. What could be better?
One nation’s exit may create the opportunity for more American consumer’s entrance into homeownership.
