Falling rates stimulate greater interest in fixed-rate mortgages
“There's more notice being paid to fixed rates than there was six months ago,” says Shane Crawford at Mike Pero Mortgages who won last year's mortgage broker of the year award for the Otago and Southland region.
Bruce Patten at Loan Market, who won the greater Auckland region award, says before Christmas about 75% of clients were chosing to stay on floating mortgages but now it's down to about 50%.
Paul Wang at Mortgage Success, who won the North Harbour/Northland region award, reports similar figures. Six months ago, about 70% of his clients were choosing to float but that number is now down to about 40%.
With “extremely good interest rates” now available for fixed terms, he personally recently fixed for one year at 5.45%, Wang says.
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