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Borrowers would seem confident that rates are at or near their peak as the demand for fixed-rate loans declines.
Data from Mortgage Choice loan approvals released this week showed that fixed-rate loans accounted for just 13 per cent of approvals in the month of June – which is close to the historic lows reported three years ago.
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Standard variable loans were the option of choice for borrowers at 51 per cent of all approvals.
Basic variable loans also rose to 25 per cent of all approvals.
Warren O’Rourke, Mortgage Choice national corporate affairs manager, said borrowers were either in search for discounts on variable rate products or believed rates were near the top of the cycle.
“Either way, fixed is not in vogue at the moment,” he said.
Published: 23-07-08
