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Demand for fixed rate loans rises

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A growing number of borrowers are choosing fixed rate mortgages despite rising interest rates on fixed term loans according to a new report.

Mortgage Choice data showed demand for fixed rate rose to 7.61% in June, up from 6.60% in May.
"Demand for fixed rates has increased over the three consecutive months now," said Kristy Sheppard, senior corporate affairs manager, Mortgage Choice.
"Although only 7% of all approvals for June were for fixed loans, it looks like we are over the downward trend seen during much of last year."

Despite the growing demand for fixed rate, majority of borrowers still preferred variable rate loans, with nearly half (46%) opting for basic variable loans.

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