The United Kingdom voted yesterday to separate itself from the European Union, an unprecedented action that has financial markets panicking all over the world.
Here at home, stock markets and mortgage rates are both falling. I’m seeing 30-year fixed rates in the mid 3s, and 15-year rates well below 3%.
Many are stating the UK’s vote is the single biggest step against a united Europe since World War II. While I think that’s a bit of an exaggeration, the markets are uncertain on how this change will impact our financial markets now and in the future. This uncertainty and volatility will push rates down, but how far and for how long? No one knows.
If refinancing has been on your mind, don’t delay in reaching out to me so I can provide you some options. Something worth considering is a cash-out refinance. Many of my clients have been doing cash-out refinances to consolidate high-interest debt or pay for home improvements.