 Interest rates ‘to hit six-year high’ INTEREST rates are expected to hit a six-year high tomorrow with another rise due in borrowing costs. Mortgage affordability hits 16-year low First-time buyers are feeling the squeeze of higher interest rates with mortgage affordability at its worst level for 16 years, figures out today showed. How Will Your Mortgage Rate? Mortgages come in two primary forms, fixed rate and adjustable rate , with some hybrid combinations and multiple derivatives of each. A basic understanding of interest rates and the economic influences that determine the future course of interest rates can help consumers make financially sound mortgage decisions, such as making the choice between a fixed-rate mortgage or adjustable-rate mortgage ... First-Timers In 16-Year Mortgage Squeeze First-time buyers are feeling the squeeze of higher interest rates, with mortgage affordability at its worst level for 16 years. Australias Tax Cuts Raise Prospect of Interest-Rate Increases May 9 (Bloomberg) -- Australias government will cut taxes and spend more on child care, pumping A$67.5 billion ($56 billion) into the economy and raising expectations the central bank may increase interest rates. Mortgage affordability hits 16-year low First-time buyers are feeling the squeeze of higher interest rates, figures out today show. The Scoop on Adjustable Rate and Interest Only Mortgages (ARA) - There are so many types of mortgage programs available to home buyers that it can get difficult to keep them all separate. One of the latest types of programs that many people are taking advantage of is the Interest Only Mortgage option. High rates causing further FTB affordability woes Data from the regulated mortgage survey revealed that first-time buyers in March spent an average 18.3 per cent of their income on mortgage interest payments, compared to 18 per cent in February and 16 per cent in the same month last year. First-time buyers are spending more on mortgages Mortgage interest payments are biting more deeply into the pockets of first-time home buyers than at any time for 26 years. Increased rates are blamed by the Council of Mortgage Lenders for the trend, which has led to fewer taking their first step on the property ladder compared with a year ago. Tight mortgage belt in Treasurers sights TAX cuts directed at the tight mortgage belt are being tipped by key players in the ACT economy in Tuesdays federal budget, with subdued warnings about the likely impact on interest rates. | ||