June 26, 2016
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The United Kingdom's less-than-amicable departure from the European Union sent ripples throughout the global economy Friday. Stocks plummeted as French, Dutch, Italian and Danish politicians called for their own national referendums, and British Prime Minister David Cameron announced plans to step down. But the Brexit vote also appears to have had a somewhat surprising consequence – it has at least temporarily driven U.S. mortgage rates lower as international investors look to America as a bastion of investment safety. "When there's uncertainty outside of the U.S., investors move to safer investments. And in this particular case, we're seeing an interest in U.S. mortgage-backed securities," says Erin Lantz, vice president of mortgages at real estate hub Zillow. Read the story. |
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