Fixed rates on the rise
Nothing 'new' here, as such, but some interesting chart on fixed and variable mortgage rates from the Reserve Bank.
Fixed mortgage rates are now on the rise, and quite sharply...
Variable rates, on the other hand, are not...
Finally on the subject of interest rates, if you haven't done so already, it would possibly be smart to speak to your mortgage broker about refinancing given the marked shift in mortgage rates over the past couple of years!
You can track down the full RBA Chart Pack here - with some very interesting insights, as always.
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Spending returns in Q4
Separately from APRA, housing investment loans are now back up to where they were a few years ago.
Lending to owner-occupiers still had some life in November, increasing by a relatively strong 0.9 per cent, with investment lending up by a more modest 0.3 per cent.
Source: APRA
While CBA has been gaining mortgage market share, ANZ has continued to struggle with a blowout in mortgage processing times.
Following an unprecedented surge. cash and deposits with financial institutions have finally begun to run down, declining by about $5 billion or 1.2 per cent in November.
And there was also some sign of credit card activity bouncing, with lending up 6 per cent in November, suggesting that households were beginning to spend again before Xmas, reflecting the easing of restrictions and improved economic conditions, according to APRA.
Despite this, credit card lending remains well below historical averages.
The full statistical release from APRA can be found here.
Makes a nice change from reading about antigen tests anyway.
