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Borrowers are confident home loan rates will remain low for some time with variable rate demand continuing to track at historically high levels.
According to Mortgage Choice’s April home loan approval data, released yesterday, just 4 per cent of borrowers moved to lock in a fixed rate last month.
“Australians seem confident of interest rates remaining very low for the near future, at least,” said Mortgage Choice’s senior corporate affairs manager, Kristy Sheppard.
The broking group’s data reflects broker sentiment that now is not yet the time to move to a fixed rate home loan.
Of the 435 respondents to a Mortgage Business straw poll earlier in May, 67 per cent of brokers said they would not yet recommend clients fix their mortgage interest rates.
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