Call it the Brexit Effect.
Following the United Kingdom’s vote last week to leave the European Union, mortgage rates in the U.S. dropped to new lows for the year this week.
On Thursday, Freddie Mac reported 3.48 percent with an average 0.5 point as the average for a 30-year mortgage. The drop in rates keep them at their lowest level in three years.
“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” Freddie Mac’s Sean Becketti said in a statement. “The 30-year mortgage rate declined as well, but not by as much, falling 8 basis points to 3.48 percent.”
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
This article originally published at http://dc.urbanturf.com/articles/blog/the_brexit_effect_mortgage_rates_drop_to_3.48/11419
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