Morning Minute: Global turbulence driving down U.S. mortgage rates, Freddie Mac says

Turmoil in some international markets is keeping mortgage rates near historic lows here in in the U.S., according to Freddie Mac’s outlook for July. Global developments in China and the United Kingdom have prompted Freddie Mac to revise its mortgage forecast for 2016 to 3.6 percent and 2017 to 4.0 percent. Read more.

“With the U.K.’s decision to exit from the European Union, global risks increased substantially leading us to revise our views for the remainder of 2016 and all of 2017. Nonetheless, the turbulence abroad should continue to create demand for U.S. Treasuries and keep mortgage rates near historic lows; thereby, allowing home sales to have their best year in a decade, along with a boost in refinance activity,” said Freddie Mac Chief Economist Sean Becketti.

In other headlines:

Downtown office vacancy on a golden arch, but how low can it go? – Crain’s Chicago Business

School Location Still Key for Home Buyers – Daily Real Estate News (via REALTOR® Magazine)

Homeownership Builds Wealth & Offers Stability – KCM Blog

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