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Mortgage market on the increase

<div $$hash="6729-0"><p $$hash="6746-0">New figures have shown that the mortgage market in Australia is on the up.

<p $$hash="6744-0">The latest results from the RP Data Mortgage Index have reached 100.7 points, which is the highest level since August 2009.

<p $$hash="6741-0">RP Data’s index value is worked out by tracking the activity from 90 per cent of the mortgage sector and correlated with data from the Australian Bureau of Statistics on housing finance.

<p $$hash="6739-0">Craig Mackenzie, head of corporate affairs for RP Data, said that these results show that there is a lot of activity in the mortgage market despite the fact that January and February are usually slow months.

<p $$hash="6738-0">Part of the high activity could be owed to the three per cent benchmark rate from the Reserve Bank of Australia, which is the same as it was in August 2009. This has encouraged buyers to take advantage of the low rates and invest in property now.

<p $$hash="6728-0">Posted by Ravin Chatlani

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Tuesday, March 12, 2013 - property, mortgage, banks, RBA, housing

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