Fixed rate loans no longer in vogue

Recent data released from Mortgage Choice shows a huge decrease in the number of fixed rate loans, indicating that Australian borrowers are shying away from this type of loan in record numbers.

The June figures show the demand for fixed rate loans in June fell almost to the historically low levels recorded more than three years ago – only 13 per cent. This is a huge drop from the high of 38 per cent recorded just six months ago in February.