Over the last few days I have been asked frequently about what effect the economic situation in Europe is going to have on the U.S. housing market. The gut reaction of the UK leaving the EU is that the stock market here in the U.S. has responded negatively. This in turn puts pressure on the Fed to continue the current pattern of holding low interest rates and to put any near future rate increases on the back burner. We may see some immediate reductions in mortgage interest rates as a result, but the sure thing for now is that mortgage rates most likely will not change much until the dust settles in Europe and the economy picks up some momentum here at home. If other European countries follow the UK, then it could all change. The reality is that we still have a a economy here at home and with worldwide economic turmoil, mortgage rates may remain low longer than anyone anticipated.
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