In a historic referendum, the people of Great Britain voted to be the first nation to leave the European Union yesterday. Prime Minister David Cameron vowed to step down by October, the value of the pound dropped and financial markets all over the globe began to fall as soon as they opened.

The contentious divorce could have long-term implications on the economies of Britain and the rest of Europe, but what about the U.S.?

Mike Fratantoni, chief economist at the Mortgage Bankers Association, said it could actually have a positive impact on mortgage rates.

“Financial markets reacted severely to Brexit, with Treasury rates dropping about 20 basis points initially,” Fratantoni said in a statement. “At this point, it is unclear whether this will just be a short term disruption, or whether it will have a longer term impact. Our best guess at this point is that the impact on the mortgage market will be to keep mortgage rates lower for longer, likely leading to another pickup in refinance activity.”