The RBA confirmed today that it will be keeping the cash rate on hold at 10 basis points. The Board restated its position on keeping the rate at its current level “until actual inflation is sustainably within the 2 to 3 per cent target range [which the Board expects] will not be met before 2024”.
Concerning the nation’s housing market, the Board issued the following remarks:
Housing markets have continued to strengthen, with prices rising in all major markets. Housing credit growth has picked up, with strong demand from owner-occupiers, including first-home buyers. There has also been increased borrowing by investors. Given the environment of rising housing prices and low interest rates, the Bank will be monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.
As Megan Neil reported earlier today, “Despite the cash rate and therefore variable mortgage rates remaining on hold, fixed mortgage rates for owner occupiers have started to rise from record lows below 2% as banks factor in the likely increase in the cash rate in 2024”.
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