Demand for fixed-rate loans continued to drop in July, data from Mortgage Choice revealed this week.
Only 11 per cent of all home loan approvals made by the franchise during the month were fixed, compared to 13 per cent in June 2008 and 41 per cent in November last year.
Borrowers taking basic variable rate loans rose to 33 per cent in July – the highest level in two years and much higher than the 12 month average of 22 per cent.
Standard variable loans also continued to attract a significant amount of borrowers at 45 per cent of all loan approvals.
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