Mortgage rates ticked upward for the first time on Thursday since we experienced the immediate worsening over the next two days after the improvements of Brexit. As the uncertainty of the post-Brexit era fades, mortgage interest rates are still far below levels at this time last year, according to new data from Freddie Mac.
“Post-Brexit volatility tapered off over the last two weeks, allowing interest rates to bounce back a bit from their record (10-year Treasury yield) and near-record (30-year mortgage rate) lows,” said Sean Becketti, chief economist at Freddie Mac. “This week, the 30-year fixed mortgage rate increased…to a still-quite-low 3.45 percent. With the Federal Reserve on hold and the UK monetary authority taking at least a one-month breather, we are not expecting any significant movement in mortgage rates in the near-term. The increase in rates after Brexit took many by surprise and although the future looks bright for the direction of interest rates, many analysts suggest to exercise caution if waiting to get started with your financing.
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