RBA announced today that they’ve decided to keep rates steady at 3.5%. I’m sure homeowners (like me) are once again giving a huge cheer, or at the very least breathing a small sigh of relief.
Although it’s not the cut we saw last month, considering we keep being told that mortgage rates are “a little below their medium-term averages,” I’m just happy they’re remaining on hold.
We’re constantly being threatened with massive rate hikes, but we’re yet to see anything super drastic. I’m secretly happy that I went with a variable interest rate and not the fixed option when I got my home loan three years - although I hope I don’t live to regret that statement!
So why the decison to keep rates steady? Reserve Bank governor, Glenn Stevens, says that there’s “a more subdued international outlook” – which is also reflected in a subdued housing affordability – than there was a month ago. Fingers crossed it stays this way!
As a potential buyer or seller how will this affect your future property plans?