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The proportion of property buyers opting for fixed-rate mortgages has soared 40 per cent in the past three months, according to figures released yesterday by Australian Finance Group (AFG).
The latest AFG Mortgage Index indicated the number of fixed-rate mortgages climbed to 23.2 per cent of all new mortgages in October 2007, compared with 16.5 per cent during July 2007.
“A growing number of property buyers clearly expect rates to rise, so are choosing to lock in their repayments,” said AFG general manager of sales and operations Mark Hewitt.
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