How Brexit Affected the Brainerd Lakes Market

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Britain leaving the European Union is having an impact on real estate here in the United States, and that includes the Brainerd market.

In the short term, we've actually seen interest rates drop. Last year we saw that rate for a 15-year mortgage fall to 2.5%, and the rate for a 30-year mortgage dipped below 3.5%, which is unheard of. In the long term, a lot of the so-called experts say they anticipate interest rates to increase because of Britain leaving the EU. Obviously, that's not the case right now in the short term.

With rates this low, a lot of buyers who have been on the fence are locking in their interest rates. I mean, a 2.5% interest rate is simply unheard of! So we're seeing a lot of buyers enter the market who were on the fence, and especially lake home buyers looking for a second home here in the Brainerd Lakes area.

If you've been thinking about buying, now might be the best time to lock in your 30-year rate at an extremely low percentage. For any additional information, I'd be happy to speak with you. Don't hesitate to reach out to me with questions. Let's talk soon.