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Residential financing market improved by Brexit

Posted on Monday, July 25, 2016 at 5:20:30 PM

The landmark decision by Britain's citizens to exit the European Union, also known as Brexit, sent shockwaves through the global economy. However, one of the areas that actually enjoyed a positive outcome from the event was the American mortgage market, as analysts expect it to have a sustained, positive impact on residential financing in the nation. 

CBS News reported that mortgage rates began to fall almost immediately after the vote was finalized, and approached close to the all-time record from December 2012, all the while dropping to a three-year low. Right now, 30-year-fixed-rate loans are coming with an average rate of 3.61 percent, compared to the 3.51 percent that marked the lowest in history, the source noted. 

Interestingly, the news provider pointed that analysts do not appear to be worried of erratic changes or the creation of another bubble, and are instead looking at this particular market very favorably. 

For this reason and many more, right now is a great time to apply for a residential financing program. Always consider working with a local lender when navigating the mortgage market, as this will help to land on the best possible option.