Refinancing becoming a hot option for borrowers

In the latest Tony Alexander mortgage advisers survey these figures continue a string of relatively high readings since March.

Alexander says this likely reflects the extra hikes in mortgage rates in an environment where many people have been rolling off record low short-term fixed rates previously secured during the dying days of the pandemic.

Asking advisers about interest rates terms, Alexander has for the first time added 18 months as an option that advisers feel borrowers most want to fix at. About 38% of advisers say 18 months is the preferred fixing term.

About 10% of advisers have chosen one year, down from 31% last month, while 45% have said two years, down from 64%.