Mortgage Interest Rates 9.5pc within 3 years
Mortgage Interest Rates are expected to hit 9.5% within three years, according to BIS Shrapnel. Speaking at a recent media luncheon, BIS Shrapnel chief economist and director of economics and property Frank Gelber, said mortgage interest rates would hit 9.5 per cent by the end of 2013.
“We were critcised a couple of years ago when we said mortgage interest rates would hit 10% because nobody ever thought they would get that high again. While they never got to 10 per cent, they did surpass 9 per cent pretty quickly,” he said.
According to Mr Gelber, mortgage interest rates will once again surpass 9 per cent as Australia continues to recover post the Global Financial Crisis. Mr Gelber’s comments were largely echoed by AMP’s chief economist Shane Oliver, who indicated that standard mortgage interest rates could tip 8.5% within just one year. “I think the RBA were right to signal further rate increases and I expect the official cash rate to hit 5.5% before December 2011, which would take the standard mortgage interest rate to approximately 8.5%,” Mr Oliver told The Adviser.
Author: Jessica Darnbrough (The Adviser)
Rising Mortgage Interest Rates
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Better Mortgage Interest Rates!
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