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England

England’s vote to leave the European Union last month will impact the world. Stock photo

By Wenhao Ma

Britain’s decision to leave the European Union three weeks ago has caused mortgage rates to decline in United States, and North Shore financial advisors and real estate agents see Brexit’s impending global changes as good and bad.

A North Shore real estate agent said following Brexit, U.S. mortgage rates have greatly decreased

The value of British pound dropped rapidly after England’s vote on Thursday, June 23, and was significantly lower than the U.S. dollar next Monday. With the change of value in currencies, offshore money has started to flood into the United States, which leads to a drop in mortgage interest rates, according to James Retz, associate real estate broker for Daniel Gale Sotheby’s International Realty in Cold Spring Harbor.

“It’s only been a few days since Britain’s vote to leave the European Union,” he said. “[But] several lenders here have posted lower interest rates for long-term fixed rate mortgages.”

Up until Thursday, June 30, the average 30-year fixed rate had fallen under 3.6 percent and the 15-year fixed rate was more than 2.7 percent.

Retz ruled out the possibility of domestic factors causing low rates.

“I am not aware of anything that has happened in the USA to make the rates drop,” he said. “Until Britain’s vote to leave the European Union a few days ago, mortgage rates were static.”

Besides mortgage rates, Brexit hasn’t yet had much impact on Long Island’s economy. But experts do a predict small influence on local tourism.

“There will be a small negative effect on students and tourists visiting Long Island as the dollar has strengthened against the pound,” Panos Mourdoukoutas, professor of economics from Long Island University, said. “But it will benefit Long Islanders visiting the U.K.”

Mark Snyder, owner of Mark J. Snyder Financial Services Inc., shared that opinion.

“Locally, Brexit will likely mean less foreign tourists coming here since it’s forcing a rise in the dollar’s value, but might make for good international travel deals,” he said. Snyder is not certain of Brexit’s long-term impact on international or local economies.

Mourdoukoutas didn’t sound optimistic on the future of Brexit. “In the long term, Brexit could lead to the break up of EU,” he said. “That’s bad news for the global economy, including China.”

Michael Sceiford, financial advisor at Edward Jones’ Port Jefferson office, thinks otherwise.

“The U.K. is about 4 percent of the world economy and it doesn’t leave the EU immediately,” he said. “So we believe the economic impact is likely to be much less than the market reaction suggests.”

Sceiford believes that it may take three or more years before Britain actually departs. According to an article he submitted, this extended time can give financial markets a chance to absorb the new reality and give investors time to ponder their long-term strategy.

“The Brexit may not be a positive development for the global economy, but we’ve gotten past bigger events in the past, including wars and other political crises,” the financial advisor said. “As the British themselves famously posted on their walls during World War II, ‘Keep Calm and Carry On.’”

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Memorial Window in St. Peter’s Church, Rowley, England. Photo from Beverly Tyler

By Beverly C. Tyler

On our recent trip to Scotland and England, my wife and I visited the church in the village of Rowley that was the start of my Carlton family odyssey.

We knew that the Reverend Ezekiel Rogers was dismissed from the Anglican Church at Rowley for his non-conformist views. We also knew that Edward Carleton, his wife Ellen and son John were one of 60 Yorkshire, England, farm families, led by Ezekiel Rogers, who landed at Salem, Mass., in 1639 and settled at what they initially called Roger’s Plantation.

After the first season the name was changed to Rowley.

What we didn’t know was that on July 4, 1994, “Descendants, Friends, and Citizens of Rowley, Massachusetts,” dedicated a memorial window in the church in Rowley, England, “In memory of Rev. Ezekiel Rogers and company who planted the seed of a new church and community in Rowley, Massachusetts in 1639 A.D.”

We discovered this when we were listening to a BBC television show called “Who Do You Think You Are?”

In one episode, broadcast in 2008, Jodie Kidd, an English fashion model and television personality, discovered that she descended from one of the families that came to America with Rev. Ezekiel Rogers in 1639.

The program showed the memorial window in Rowley, England, and we vowed to go to Rowley on our next visit to England.

In 2007, we had visited Beeford, the village where Edward Carleton was born. This year, traveling southeast from Glasgow, Scotland, we stopped in Rowley on the morning of June 24.

We had contacted the Rev. Canon Angela Bailey, rector of Saint Peter’s Anglican Church in Rowley, and she arranged to have a church historian meet us at the church. We met historian Mervyn Cross and had a tour of the 14th century church.

The church is attractive both inside and out, and we were thrilled to see the stained glass window featuring Pastor Ezekiel Rogers, the ship that carried them to America, a representation of a few of the people who came with him, the Rowley Church in Yorkshire, England, and the present First Congregational Church in Rowley, Mass.

We were moved by the renewed and enthusiastic relationship between the two churches and the two Rowley communities that came together to heal the division that had separated them almost four centuries earlier.

My Carlton ancestors, one of whom dropped the “e” in the family name, eventually moved from Massachusetts to New Hampshire and then to Maine where they remained until my maternal grandfather, Guy Carlton, after marrying Margaret King, moved from Maine to Port Jefferson in 1909 to work as a carpenter building the Belle Terre Club. My mother, Blanche Carlton, is the second of their four children born in Port Jefferson.

Beverly Tyler is the Three Village Historical Society historian.