Brexit Drives Down U.S. Mortgage Rates, With 30-Year at 3.48%
By-
Home-loan costs decline to the lowest since May 2013
-
Average for 30-year drops closer to record low of 3.31%
Rates for 30-year U.S. mortgages dropped to the lowest level in more than three years as U.K. voters’ decision to leave the European Union drove investors to the safety of American government bonds that guide home loans.
The average rate for a 30-year fixed mortgage was 3.48 percent, down from from 3.56 percent last week and the lowest since early May 2013, Freddie Mac said in a statement Thursday. The average 15-year rate slipped to 2.78 percent from 2.83 percent, the McLean, Virginia-based mortgage-finance company said.
The good news for both buyers and homeowners looking to refinance is that the Federal Reserve isn’t likely to raise interest rates any time soon. Brexit has only heightened concerns about the global economy that have been pushing down borrowing costs since the start of the year…
Brexit Drives Down U.S. Mortgage Rates, With 30-Year at 3.48%
