by James Stefanile, ABR, GRI, SRES, QSC, gCertified, REALTOR/Salesperson, Berkshire Hathaway Home Services New Jersey Properties, Montclair Office
There is great uncertainty about the ripple effects of the UK decision to leave the European Union.
Many worry regarding negative effects on the US economy and jobs. The emerging consensus is that companies that do high volume business with the UK may be hurt in the long run because of the British currency weakness against the dollar making our goods and services more expensive.
The American stock market tumbled at the Brexit news, but, less reported was the fact that mortgage rates dipped as well. The inter-connectivity of the worldwide bond market may lead to a temporary lowering in home loan rates as more credit is purchased in the wake of the British decision.
It may be a wake up call to a window of opportunity for home buyers to take advantage of the Brexit hangover to act on purchases. As always, it’s best to make an infomed decision, but if there is a favorable change in the lending market it may also be worth doing that due diligence you’ve been putting off.