It might be all quiet on the home front (economically) but last week turned out to be another dominated by overseas turmoil, dashing any hopes that global financial risks might be receding. As noted earlier the need to rush from floating to a fixed ra5te has diminished. However Westpac says that based on its current OCR forecasts, which see the cash rate rising to 6% over the next three years, fixing for two or three years is likely to result in a lower overall interest bill than remaining on floating.
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