U.S. mortgage rates fall again

U.S. mortgage Rates

The average rate of a 30-year fixed mortgage dropped to 3.48% - the lowest level since May 2013, according to Freddie Mac. A year ago, the rate was 4.08%.

The rate on the 15-year fixed mortgage also dropped to 2.78% from 2.83% last week.

"Obviously it's a good time for anyone who is the market for a home purchase or had been on the proverbial fence about refinancing, " said Mark Hamrick, senior economic analyst at Bankrate.

Some experts expect the fallout from the vote to be a boon for the U.S. real estate market as more foreign buyers seek out a safe haven to park their cash.

4 ways you will feel Brexit The drop in home loan rates can provide some breathing room for wanna-be buyers in the U.S. who have been facing rising home prices and tighter lending requirements.

Low inventory and high demand have pushed up home prices throughout the country, creating an affordability issue.

Home prices increased 5% in April from the year prior, according to the latest S&P/Case-Shiller National Home Price Index released earlier this week.

"When you are seeing this continuous 5% increase year over year in home prices without an accompanying increase in either wages or incomes, what can't go on forever does not, " Hamrick noted.

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