Mortgage rates remain static for another month
The recent stability in mortgage interest rates has continued as, for the second month, many institutions rates remain unchanged, and any alterations were minor adjustments.
Friday, August 11th 2000, 12:00AM
"Small movements in fixed rates tend to suggest 'fine-tuning' by banks, these small changes are a demonstration of mortgage interest rates finding a more natural stability at present, " National President of the Institute Max Oliver says.
"There is little movement in the rates, with fixed rates showing the greatest movement as those institutions offering the highest rates last month bring their rates back to within range of the lower rates on offer."
One year fixed rates remain at around 8.15 - 8.30 per cent, two year mostly range between 8.25 - 8.40 per cent while five year rates average around 8.40 per cent.
Floating rates have remained completely unchanged, ranging between 7.75 and 8.80 per cent, consistent with the previous two months surveyed.
Five institutions 'tweaked' their one year fixed mortgage rates to now fall in the 8.15 to 8.30 per cent range, the rates moving from 0.05 to 0.25 per cent.
Eight institutions lowered their two year fixed mortgage rates to range between 8.25 and 8.60 compared to 8.25 and 8.95 per cent last month, while three-year fixed mortgage rates now range between 8.30 and 9.25 percent, consistent with last month.
Four to five year fixed rates made small movements downward, as last months rates of 8.45 to 8.95 per cent fell, now ranging between 8.30 and 8.70 per cent.
To see who has tweaked their rates, and for a full copy of the latest mortgage rates CLICK HERE| « Emerging markets now more mainstream | Get your tax questions answered online » |
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