The United Kingdom has voted to leave the European Union. This has caused an uproar in the markets, including the good news regarding a dip in interest rates near lows seen only one time in history. Stocks, the dollar and even oil prices were affected by this news. Lower interest rates are the silver lining.
While volatility in the markets has increased, the world will soon realize that it will take up to two years or longer for the exit to take effect and there will be a plethora of negotiations which will take place along the way. For example, the UK will now need individual trade agreements – lots of them.
There are other risks as well. What if Scotland and Northern Ireland vote to exit the UK because they were in the “Bremain” camp? That could mean even more turmoil.
The bottom line is that we have a lot of volatility and this means that the recent drop in rates could last a few hours or a few days and then pop back up. This means that those who are thinking about purchasing real estate or refinancing should act quickly as this is a sale on money that could end at any time. Contact me directly for the quickest response.