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New data has revealed that the number of borrowers searching for a fixed home loan has significantly increased.
The data from RateCity showed that the appetite for fixed rates has jumped 58 per cent in the last seven weeks.
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“With the cash rate stagnant and variable rates largely on the rise, the eye of the storm now rests on fixed rates which are bucking these trends,” RateCity money editor Sally Tindall said.
“Around 10 lenders are currently offering rates of under 4.0 per cent, fixed until December 2018. That’s a pretty competitive deal in today’s market.”
Ms Tindall noted that the number of borrowers looking for fixed rates spiked “following the big banks’ decision to lift variable rates, up 207 per cent, and then again when higher rates came into play, lifting 49 per cent”.
“At the end of the day, it’s great to see Australians actively seeking out a better deal on their home loans,” Ms Tindall added.
According to Google Trend data, there has been an increase in fixed rate searches by 38 per cent in the last seven weeks, while home loan searches in general – both fixed and variable – has increased by 51 per cent.
[Related: Use lending changes to your advantage: NAB]
