After a four year low last month, fixed rate demand has fallen further again.
According to the latest national home loan approval data from Mortgage Choice, fixed rate home loans accounted for just 13.88% of all loans written during the month of October - down from 14.41% in September.
The last time demand for fixed rate products was this low was in June 2011.
Fixed rate demand has now fallen every month for the last four months in a row.
Throughout the country, demand for fixed rate home loans was once again the weakest in Victoria. Queensland and South Australia were not far behind, with fixed rate home loans accounting for 12.36% and 12.76% respectively. Fixed rate demand was strongest in New South Wales, with 17.31% of this type of product of all loans written.
Lenders are still actively competing for market share through low rates, which opens up a great opportunity for potential and existing home owner's looking for a good deal on their home loans.
Call us today on (03) 8602 6777 or contact us online to see if we can get a better deal for you on your home loan.