More dreadful analysis from the AFR today.
One factor behind the delayed reaction of households [to rate hikes] has been the so-called fixed-rate mortgage cliff. There’s been so much said and written about the fact that billions of home loans will switch from low fixed rates to higher floating rates, we may be forgiven for believing the threat had passed.
…By the end of the year, 50 per cent of those cheap fixed-rate loans will be refinanced, representing about 17 per cent of all mortgages.