Only months not quarters to consider fixing home loan terms
ANZ economists say in the latest Property Pulse borrowers shouldn’t feel rushed, but based on wholesale swap rates, mortgage interest rates are on track to bottom out late this year or early next year, by which time many borrowers will want to have locked in for a longer.
“We are of the view that the low point in the mortgage rate cycle is approaching, and that borrowers will likely benefit from locking in for a longer term.
We remain of that view, and while we expect further modest falls in interest rates, the bringing forward of OCR cuts has likely compressed that timeframe.
The bank says borrowers have months, not quarters before needing to make a decision. However, it warns that the window could close rapidly if economic data starts to improve.
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