While mortgage rates remain historically low, they’re beginning to climb slightly for the first time following the Brexit vote. Currently, the average 30-year fixed rate mortgage stands at 3.42%.
The national average rate plummeted following the UK’s announcement, and some industry experts even speculated that they may drop to their lowest rate ever. While that didn’t quite happen, they briefly dipped below 3.4%, triggering an influx of refinance applications. The 15-year fixed rate loan, which is the most popular option for refinancing, is 2.69%.
Bankrate’s panel of mortgage rate experts expect to see rates remain unchanged in the next week. If you’re shopping for a home and would like to be introduced to a local, friendly and helpful loan officer, give us a call at (215) 699-5555!