Mortgage rates hit a new 2016 low last week, falling to 3.41 percent in the wake of the Brexit vote. Home loan rates haven’t been this low in three years and are near the record-low 3.31 percent reached in November 2012, according to Freddie Mac.

Mortgage Rates - 30 Year Fixed

Source: Freddie Mac

What’s going on?

Borrowing has gotten cheaper since Britain announced its surprise divorce from Europe — Brexit — which spooked global markets and sent money rushing into safe investments such as Treasuries and U.S. home loans. That sort of financial volatility typically pushes interest rates down.

Brexit shockwaves are still breaking across the globe, meaning rates will stay low for now and might even fall further amid market mood swings.

Brexit isn’t good for the global economy overall and most analysts think it could put a damper on U.S. growth this year. But the low rates it triggered are an upside for homebuyers.