Rate cuts raining in
Fixed mortgage rates were slashed by major and smaller lenders by up to 55 basis points in March according to the latest Mortgage Choice figures.
With election and other certainty borrowers have been reluctant to fix, but lenders have responded by slashing fixed rates up to the equivalent of two rate cuts.
This will inevitably see more borrowers being drawn towards fixed rates going forward, with great mortgage rates now on offer from around just 3½ per cent.
There's more in the post where this came from, too, as funding costs have continued to plunge since the beginning of February.
Furthermore while last year there were many warnings about rising interest rates globally, these risks appear to have subsided.
Indeed, in the US Federal Reserve is now beginning to discuss the scenarios under which it will cut rates, despite jobless claims being at 50-year lows.
I had a bit of a yarn about why some borrowers might be looking to lock in some or all of their mortgage debt on fixed rates a couple of weeks ago here.
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Addendum: NAB has just cut its mortgage rates by up to 36 basis points.
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Addendum: NAB has just cut its mortgage rates by up to 36 basis points.
