After hitting a four year low in October, fixed rate demand has bounced back over the month of November.
According to the latest national home loan approval data from Mortgage Choice, fixed rate home loans accounted for 17.39% of all loans written throughout the month of November - up from 13.88% recorded the month prior.
The bounce back in fixed rate demand wasn't surprising when you consider that most of Australia's lenders recently lifted the interest rates across their suite of variable home loan products.
The interest rate moves were made outside of any movements by the Reserve Bank of Australia, which caused shock waves through existing and potential property buyers.
As a result of those rate hikes, an increasing number of new buyers are looking to fix at least part of their mortgage as they seek out security around their mortgage repayments.
While demand for fixed rate products improved in four of the five states, ongoing discount variable rate products continue to prove the most popular with mortgage holders, with this type of product accounting for 51.78% of all loans written throughout the month of November.
To review your home loan rate, call us on (03) 8602-6777.