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Mortgage Rates Today, Friday, June 24: Brexit Causes Rates to Fall

June 24, 2016
Mortgage Rates, Mortgages
mortgage rates
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Mortgage rates are beginning to react to Britain’s vote to leave the European Union. According to a survey Friday morning, some major lenders are already repricing their home loans lower, easing average mortgage rates down.

With Brits voting for a “Brexit” and global stock markets sinking, investors are seeking the perceived safety of U.S. bonds. The 10-year Treasury price — a proxy for mortgage rates — was moving higher in early trading this morning. But as bond prices go up, yields go down, and that means lenders will have room to lower their mortgage rates.

Homeowners looking to lower their mortgage rate can shop refinance lenders here.

NerdWallet compiles annual percentage rates — lender interest rates plus fees, the most accurate way for consumers to compare rates. Here are today’s average rates for the most popular loan terms:

Mortgage Rates: June 24, 2016

(Change from 6/23)

30-year fixed: 3.73% APR (-0.02)

15-year fixed: 3.07% APR (-0.04)

5/1 ARM: 3.33% APR (-0.01)

 


NerdWallet daily mortgage rates are an average of the lowest published APR for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing a more accurate view of the costs a borrower might pay.

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