Home buyers choose fixed mortgage rates

Borrowers who have taken out short-term fixed mortgage rates have narrowly escaped the latest round of mortgage rate rises that target the shorter terms.

Two-thirds of homeowners now have fixed loans, mostly for terms of two years or less according to the Reserve Bank's mortgage figures for May. A year ago, borrowers were evenly split between fixed and floating rates.

Borrowers who have taken out short-term fixed mortgage rates have narrowly escaped the latest round of mortgage rate rises that target the shorter terms.

Two-thirds of homeowners now have fixed loans, mostly for terms of two years or less according to the Reserve Bank’s mortgage figures for May. A year ago, borrowers were evenly split between fixed and floating rates.

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