Posted To: MND NewsWire
The “Brexit Effect” is the focus of Black Knight Financial Service’s current Mortgage Monitor. The report, covering June mortgage performance data, notes that the aftershocks from the United Kingdom’s vote to leave the European Union have resulted in an increase in the numbers of “refinanceable” homeowners to the largest pool since late 2012. Mortgage interest rates, driven by a surge of investors running to the safety of sovereign notes globally, including those of the U.S. Treasury, have declined by about 15 basis points (bps) post-Brexit, but this, Black Knight says, has been enough to increase the number of refinance candidates by about 1.3 million to a pool of 8.7 million borrowers. Even prior to the vote in late June there were roughly 1 million more potential refinancers than when interest…(read more )