Brexit Vote Sends Mortgage Rates Tumbling To 3-Year Low |

Mortgage rates fell this week to a level not seen since May 2013, as the United Kingdoms vote to leave the European Union shocked financial markets already unsettled by mixed reports about the US economy.

The benchmark 30-year fixed-rate mortgage fell to 3.61% from 3.73%, according to Bankrates survey of large lenders. A year ago, it was 4.19%. Four weeks ago, the rate was 3.81%.

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The mortgages in this weeks survey had an average total of 0.24 discount and origination points. Over the past 52 weeks, the 30-year fixed has averaged 3.94%. This weeks rate is 0.33 percentage points lower than the 52-week average.

The last time the 30-year fixed was lower was in Bankrates survey conducted May 8, 2013, when it stood at 3.6%. It rose half a percentage point, to 4.1%, just 4 weeks later.

  • The benchmark 15-year fixed-rate mortgage fell to 2.89% from 2.97%.
  • The benchmark 5/1 adjustable-rate mortgage fell to 3.01% from 3.06%.
  • The benchmark 30-year fixed-rate jumbo mortgage fell to 3.67% from 3.71%.