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Home loan data released today indicates that Australians believe rates have further to fall or at least some time to go before they rise.
Just 2.8 per cent of all home loan approvals made through Mortgage Choice in March were locked in at a fixed interest rate, the listed broking group said.
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This compared to a 12 month average of 7.3 per cent and a peak of 38 per cent in November 2007.
Kristy Sheppard, Mortgage Choice senior corporate affairs manager, said: “it appears Australians are confident that rates will remain at very low levels for some time yet”.
Basic variable rates remain the most popular option for home buyers, according to Mortgage Choice, accounting for just over 47 per cent of all approvals, slightly ahead of standard variable rates.
