Rates Prepare to React to Brexit; New Home Sales Fall; All-Cash Sales Fall Sharply

Mortgage rates moved higher for the 5th day in a row as financial markets prepare for the results of the U.K. referendum on its European Union membership (aka "Brexit"). In general, rates are expected to rise if the U.K. remains in the EU, and rates could fall back toward recent lows if the U.K. votes to leave the EU. These expectations pertain only to short term (i.e. within a week or two of the decision tomorrow morning). From there--especially in the case of a "remain" vote, the next jobs report on July 8th would be especially important as it could have a big impact on the Fed rate hike outlook (the Fed recently said that Brexit and a potential shift in employment data are the two biggest hurdles preventing a rate hike). While some parts of financial markets are experiencing fairly significant

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