While the report of Fitch on the Australian mortgage market is still good, there still is a rise in the number of struggling home owners. This figure will probably rise:
Fitch says it does not expect any substantial improvement in the level of delinquent mortgages until well into next year, as Christmas spending tends to drive people further behind in their repayments.
The Australian rate is at 4.75%, following 7 rate hikes since the financial crisis broke out. The high interest rate helped push the Aussie up, but some say it’s not enough and already raise fears about an Australian housing bubble.
AUD to USD is now in a range between 0.9724 to 0.9865.
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