Britain’s vote to leave the European Union shocked many and left Americans wondering what effect the action would have on our economy. International concerns play a large role in the mortgage-backed security market and when there is risk or danger in the financial markets, investors and speculators tend to flee to ‘safe haven’ assets, such as U.S. treasury bonds and U.S. mortgage-backed securities. Typically this results in lower mortgage rates and mortgage-bond purchasing leads to higher prices and lower bond yields.

This past month has brought mortgage rates down to new historic lows, although no one really knows how long it will last. This has increased the urgency for many people looking to lock in to new rates before they start to climb back up by refinancing or purchasing a new home.

For current homeowners it may be time to lock into a lower 30 yr fixed, eliminate PMI, extend your current ARM or shorten your term to a 15 year.  The refinance process can be painless, speedy and lucrative for you if done wisely.

Some prospective buyers are surprised by how much more house they can comfortably afford making now an excellent time to sell. Also, the bigger the loan amount the greater the savings.

For more information and/or an introduction to one of our trusted lenders please email sven@andersengrouprealty.com or call 781-729-2329 x1.  As always, my resources are your resources.