Mortgage Rates in Free Fall Since Brexit Vote
Ever since Britain’s vote to leave the European Union, U.S. home buyers and home owners have been reaping an expected benefit — mortgage rates that are quickly dropping. Mortgage rates are now at the lowest average in more than three years, and economists expect them to head even lower.
On Monday, the 30-year fixed-rate mortgage averaged 3.46 percent, near the lowest average since late 2012, realtor.com® reports.
Lower rates produce lower monthly payments and greater buying power. Those who are well qualified can afford a home that’s 8 percent more expensive than at the beginning of the year. That’s more than enough to offset the rise in prices during that time.
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