Mortgage rate to rise after RBA announcement
Tuesday March 4, 2008
Today, the Reserve Bank of Australia (RBA) announced a further 0.25% interest rate rise to 7.25% for the target interest rate, meaning more bad news for the average mortgage rate.
The RBA are not backing down from their tight fiscal policy, hoping to slow Australia's economic growth enough to keep inflation in check. It's bad news for many mortgagees, however, as each mortgage rate rise has seen many more borrowers being forced to sell their properties.
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