Newspaper article The Chronicle (Toowoomba, Australia)

Fixed Rates Still Popular

Newspaper article The Chronicle (Toowoomba, Australia)

Fixed Rates Still Popular

Article excerpt

WHILE the number of borrowers taking out fixed rate mortgages dropped slightly in January, demand for this type of product is still sitting at record highs, according to new home loan approval figures from Mortgage Choice.

The latest research found fixed rates accounted for 27.43% of all loans written throughout the month of January -- 5.63% lower than the month before.

Mortgage Choice spokesperson Jessica Darnbrough said while fixed rate demand had fallen slightly over the course of January, this type of product continued to be very popular with borrowers sitting at levels not seen since 2008.

"If we look back at the last 10 years, on average, fixed rates accounted for 17.63% of all home loans written. So, the demand we are seeing for this type of product is currently sitting almost 10% higher than the long term average," she said.

According to Ms Darnbrough, demand for fixed rate products is likely to remain strong, especially as more lenders sharpen their rates in this area.

"During January, we saw several lenders cut the interest on their suite of fixed rate products. …

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