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Mortgage brokers tip multiple rate rises in 2017

Francesca Krakue 4 minute read

Nearly one-third of brokers say interest rates will rise in 2017, with the majority predicting that the big four will make out-of-cycle increases in the new year, according to a recent survey.

The survey, conducted by online portal HashChing, revealed that 34.92 per cent of brokers believe rates will increase in 2017, with 28.57 per cent predicting rates will rise multiple times.

The study found 79.37 per cent of brokers believe the big four banks will make out-of-cycle rate increases in 2017. According to recent analysis by RateCity.com.au found that along with CBA and Westpac, another 20 lenders have already lifted their rates on 268 fixed products since 1 November.

Additionally, the HashChing survey showed that 68.25 per cent of brokers consider the ‘Trump effect’ will likely have an impact on interest rates next year.

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“It’s clear that market sentiment is starting to shift,” HashChing CEO Mandeep Sodhi said.

Mr Sodhi said “general market buoyancy” and the strength of the housing sector are creating an environment for multiple rate rises in 2017.

The continued strength and relative optimism of the local share market off the back of the Trump victory in the US will have a flow-on effect to the Australian housing market,” he said.

[Related: Brokers to benefit from rate confusion]

Mortgage brokers tip multiple rate rises in 2017
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