Rates react to turmoil after “Brexit” vote

Great Britain unexpectedly voted to leave the European Union yesterday, which led to the resignation of Prime Minister Cameron. Indexes around the world are taking note of the market chaos we haven’t seen since Lehman Brothers failed in September 2008. Global investors are taking risk off the table in dramatic fashion, so stocks are down substantially. Interest Rates are falling as capital gets reallocated to safe haven investments like Mortgage Backed Securities. Mortgage rates have lowered, but the volatility hasn’t subsided yet, so we haven’t seen the downward movement that some have expected.

 

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