While I was away… It was interesting that when I was en route to Ottawa, Canada the news came across that, as I suspected, the Brits decided to leave the EU.

As you read in my June 17th  economic news, the fallout upsets the investor community, which is typically the case because investors do not like uncertainty.

The “rush to quality,” the American bond/debt markets, creating pressure on the bond prices… so down rates went.

Then after 3 days of this, the markets got over it and we still are sitting at 25% lower in rates than on June 17th .

We stand at the same levels we saw for a brief moment in 2012.

Back then property values were much lower. So now with higher values and lower rates, quite a few American homeowners have started a refi.

In the meantime, we won’t see the real effect of the Brexit until terms are in place which won’t happen for months, and full implementation won’t happen for about 2 years… which means more bumps to come.

So as usual the reaction to the story is the story.

Don’t hesitate, lock in your rate.