Although the cash rate hasn’t budged since October last year, Australian mortgage rates continue to push lower, according to CoreLogic:
According to CoreLogic, mortgage rates were 3 basis points lower over the month for existing owner-occupier loans and 1 basis point lower for new owner-occupier loans.
However, fixed rates have begun edging higher. These have risen 3 basis points since May for mortgages on a term of three years or less. For new mortgages with a term of more than three years, rates have risen by 24 basis points.
Interest-only mortgage rates have also begun to rise, up 5 basis points from February’s low.
The RBA’s lending indicators data for August showed a similar trend, with the average discount variable mortgage rate falling 0.15% to 3.45% – the lowest recorded rate on record:
Lowest discount variable mortgage rate on record.
By contrast, fixed mortgage rates have begun to edge higher (to 2.19%); although they remained on average 1.26% below variable rates in August, according to the RBA.
