By a staff reporter
Demand for fixed rate home loans has surged to levels last seen five years ago as borrowers look to capitalise on a record low cash rate.
The latest figures from mortgage broker Mortgage Choice show demand for fixed rate home loans lifted to 33.1 per cent in December, up from 30.6 per cent in November. Such numbers haven’t been seen since March 2008.
While several economists still expect another rate cut from the Reserve Bank of Australia in coming months, talk of rates again being lifted by the end of 2014 appears to have many confident now is the time to lock in the current rates on offer.
Quick Summary:
Data show borrowers keen on fixed rates as cash rate sits at record low.
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