And Now For The Silver Lining: Mortgage Rates Drop

mortgageIt’s hard to find much good to say about “Brexit.” But here’s one silver lining to the global upheaval created by Britain’s vote to leave the European Union.

The turmoil has pushed interest rates down, and consumers who act fast might benefit from cheaper mortgage deals.

“Mortgage rates will tumble and could approach record lows,” said Greg McBride, chief financial analyst for Bankrate, the North Palm Beach-based financial company, interviewed by TheStreet.

We checked several websites and saw rates quoted as low as 3.375% on 30-year, fixed-rate mortgages and 2.625% on 15-year loans (keep in mind, the rates you are offered may be higher depending on a variety of factors, such as credit scores, amounts borrowed, points and so forth).

“If mortgage rates decline, that could be a boon both to prospective home buyers and to homeowners who qualify for refinancing,” says The Wall Street Journal.

The Takeaway: As always: do your homework, work with a qualified and experienced lender, and act fast for savings.

 

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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