Do you really want to lock in that fixed rate?

More first home buyers are in mortgage stress now and struggling with repayments because they locked in a fixed rate when interest rates were higher than they are now according to a new report from Genworth. 16 per cent of first home buyers have locked in a fixed rate loan, compared with 6 per cent of homebuyers overall.

The Reserve Bank of Australia has cut official interest rates twice in 2015 and more rate cuts are expected by many economists.

Source: Mortgage Business

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