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Fixed mortgage rates have risen sharply in Australia, as illustrated by new data from CoreLogic:
A year ago, owner-occupied homebuyers could find three year fixed rate mortgages on offer below 2%. But with the RBA tapering its quantitative easing program, average three-year fixed rates have now risen to 2.7%.
Smaller increases have also occurred for fixed rate mortgages below three years.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.