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Fixed-rates lose their appeal with consumers

Staff Reporter 1 minute read

Demand for fixed-rate mortgages contracted significantly in April, Mortgage Choice housing loan approval data released yesterday revealed.

Fixed-rate loans fell to 21 per cent of all approvals during the month – 13 per cent down from March and 17 per cent down on the 38 per cent high reached in February just this year.

Demand for standard variable-rate home loans also increased to 47 per cent of loan approvals from 39 per cent in March.

Warren O’Rourke, national corporate affairs manager of Mortgage Choice, said the data suggested borrowers “are either chasing the discounts on variable rate products” or are “more comfortable about the direction of interest rates”.

Published: 27-05-08

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