WASHINGTON–The vote in the U.K. in favor of the “Brexit” helped mortgage rates to take their largest single day drop in two years.
On Friday, rates plummeted an eighth of a point to 3.5% on the 30-year, fixed-rate loan after U.K. voters opted to leave the European Union.
There have been just nine instances over the past decade in which rates dropped by a similar amount, and no such drop has occurred since October 2014.
The decline came at the same time mortgages remain at near historically low rates. Analysts suggested that the decline could be a temporary boost to the economy as consumers have more money to spend.