Fixed rates in borrower sights

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Appetite for fixed rate home loans is fast increasing as interest rates rise and better deals are put on the table by lenders, according to mortgage broking group Loan Market.

Enquiries for fixed rate home loans in Loan Market'st call centre have risen by about 20% over the past quarter, as the fixed rate option has become more popular.

Loan Market chief operating officer Dean Rushton said "not all of them are opting to take out the fixed rate products," but it showed people "are seriously considering fixing their home loans again".

Rushton said there were currently a number of appealing fixed rate options out in the market, though the choice would depend on the client's financial situation.

“Variable rates are still lower than most fixed rates so it is important to consider your financial situation and motivation for fixing to determine if a fixed rate home loan is appropriate for your circumstances.”

Rushton said fixed rates could offer "peace of mind" in an unpredictable rate environment.

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