Borrowers flock to fixed-rate mortgages

Posted by Simon Dehne on January 17, 2016 in Latest News with No Comments

Sold-Sign-photoNearly one out of five new home loans taken in December were capped at fixed rates, as Australian borrowers worry of further interest rate rises to their mortgage in 2016.

New data from Mortgage Choice found 19.44 per cent of all loans that were given by lenders during December were fixed-rate products, rising from 17.4 per cent in November.

“This spike in demand for fixed rates comes just months after the majority of Australia’s lenders lifted the interest rates across their suite of variable rate home loans,” Mortgage Choice boss John Flavell said.

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