Mortgage rates are seeing new 3 year lows as the fallout from Brexit continues. The 10 year yields have gone down 10bps, and the Fannie Mae 3.0 rose more than 3/8ths of a point. We are still seeing the initial reaction, and most of the movement has occurred in the days since Friday. Long terms reactions are still to be determined, but the short term reaction has been extremely positive for mortgage rates. Most lenders are now pricing in at 3.5% for top tier scenarios. We may even see rates get down to 3.375% in the near future with a tad more improvement. Rates haven't hit 3.375% since early 2013. Check back tomorrow for the most recent updates as the Brexit impact continues throughout the mortgage markets.
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• 30 year (FRM) rates at 3.46% (-0.03%).
• 15 year (FRM) rates at 2.77% (-0.01%).
• FHA 30 year Fixed rates at 3.25% (+0.00%).
• Jumbo 30 year Fixed rates at 3.55% (-0.02%).
• 5/1 ARM rates at 2.90% (-0.02%).
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