Will Interest Rates go down further? I think so!!!
In mid-September I predicted that we would get a rate cut. I got it right! Hooray! I would love to claim that I am extraordinarily clever that I can peer into the future and divine the mysteries of the universe. However, I am not and I can’t! I just follow a simple rule about watching where fixed mortgage rates are going. Read my article on how to tell where interest rates are headed to understand just how simple this is.
So, the question you are all asking is, “Where are interest rates headed now?”
Well, with variable rates at around 6.75% (if you are paying more than this you are paying too much) and three year fixed mortgage rates as low as 6.21% there can only be one answer. Down!
The gurus in the back offices of the major lenders have factored in a rate dropped of another 0.5%! This is certainly good news for the Australian Economy, small business and the masses of mums and dads shouldering a mortgage!
Will I be right this time? Who knows, I’ll just keep watching the fixed rates and let you know!
Article by James Parnwell
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