Forecasts then typically centre on three more rate rises this year, taking the cash rate up to 1 per cent.
Analysis by Canstar shows that a typical recent Sydney house buyer with a 20 per cent deposit would be paying an extra $561 a month in repayments on their $1.1 million mortgage. Nationally, the average increase in repayments with a 0.9 percentage point increase in interest rates would be $322 a month, or $116,081 over the 30-year life of the loan.Some economists, such as those from the Commonwealth Bank and UBS, think that the cash rate will stop rising when it gets to around 1.25 or 1.5 per cent.
Traders on financial markets are even more aggressive. They predict eight interest rate hikes this year and are pricing for a cash rate of 3.25 per cent by the end of next year."Our detailed analysis shows market pricing of ~3¼ per cent by end-2023 would increase household interest payments so sharply that it would likely crash the housing market and cause a recession," he said.
Why is this country so obsessed with mortgage rates? Oh yeah it's because such a vast amount of people are highly leveraged and pepping their dacks about not being able to afford it. ☘️
The LNP troll factory is in full swing.
After the election so the LNP and MSM can bash Labor for 3 years.
Hopefully it quadruples, so more people can know what it's like to have insecure housing and be poor like those of us on JobSeeker
Hopefully not the 13.5 to 17 % we saw when we bought our first house!
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