Demand for fixed rate home loans hits new high

Borrowers flocked to fixed rate loan products in November. Demand hit its highest level in almost six years, according to a national broking group.

Fixed rates accounted for 30.56 per cent of all home loans in November, well up on 22.37 per cent for the same period last year and the highest level reached since March 2008.

Fixed rate demand increased in Queensland 5.23 per cent over the month to 37.11 per cent. NSW wasn't far behind with a 3.42 per cent rise to 33.85 per cent in demand for fixed rate loans.

Source: Mortgage Mix