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Home loans rates are falling faster in Australia than in most other developed countries, according to the RBA.
A report in The Australian Financial Review over the weekend said that the average Australian mortgage fell by 2 percentage points as rates tumbled by 3 percentage points between September and December.
The decline contrasted with the US where mortgage rates have dropped by an average of 0.15 percentage points against a 5 percentage point rate cut between August 2007 and December 2008.
According to the RBA, the difference between the Australian and US drops reflected the structure of Australia’s mortgage market – where three quarters of home loans are on a variable rate. In the US fixed-rate loans comprise of three quarters of outstanding mortgages.
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