IRVINE, Calif., July 1, 2016 /PRNewswire/ -- Brexit is short-form for British exit, as in an exit of the United Kingdom from the European Union. If you're in the market to buy a home, Personal Lending Group says you should be watching this play out, closely.
Mortgage rates actually fell to a three-year low this week, and Brexit is why. A Freddie Mac survey shows the average 30-year mortgage rate fell to 3.54 percent in the week ended June 16, down from 3.60 percent the prior week. The financial markets are tied into the looming Brexit vote, which is supposed to happen next week.
Experts say that investors are searching for safe places to park money, especially with the Brexit seeming more likely. This "flight to safety" spells lower yields on government bonds of trustworthy countries such as Germany, Japan and the United States.
Mortgage rates usually move in the same direction as mortgage bond yields, and they have been falling in the past 3 weeks. In the world of finance, everything is connected. So if you're shopping for a mortgage and you hear that German government bonds are yielding below zero - that would be a great time to seal the deal.
Whether you're buying a new home or just looking to refinance your existing mortgage, we have multiple terms available to suit your specific needs. For more information, contact Personal Lending Group's website at http://personallendinggroup.com.
Personal Lending Group
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SOURCE Personal Lending Group