These volatile times have pushed down rates to historic lows, and that's good news for borrowers.
Nervous investors turn to bonds as a safe investment when the economic outlook is grim. Uncertainty surrounding global growth and the U.K.'s referendum vote has driven down the yield on the benchmark 10-year Treasury note to an all-time low on Tuesday. The yield on the 30-year Treasury bond also hit a fresh record low Wednesday.
Generally, when the demand for bonds increases, bond yields go down, as do interest rates, which follow. As a result, "this will offer an opportunity for people who are borrowing money for mortgages or automobiles," said Ric Edelman, an independent financial planner. "It's the silver lining of historically low Treasury yields."
US 10-year yield in past 3 monthsSource: FactSet