Residential mortgage rates in Australia have been dropping and are currently below their peak, according to a new survey.
The latest report from real estate consultancy RE/MAX shows that the average residential mortgage rate in Australia was $3,955 in June.
The median rate was $2,735 in July.
The lowest mortgage rate was a $3.3 million rate for a home in Sydney’s outer north.
The average mortgage rate for new properties was $4,000 in June, down from $5,000 a year earlier.
RE/Max’s data also shows that median rents in the capital increased by 2.3 per cent in June to $2.79 a week.
Residential rent is now cheaper than in the year before, with median rents averaging $1,500 a week in June for the capital.
Residential mortgage rate declines Residential mortgage interest rates are now falling.
The Australian Bureau of Statistics (ABS) said mortgage interest rate drops in June were the second-lowest on record, down by 0.2 per cent.
This is the second month that mortgage interest has fallen this year.
The ABS reported that the total number of mortgages in the housing market fell by 2,800 to 4.8 million in June from a year ago.
The drop in interest rates comes as mortgage rates continue to fall in the United States, where they have been falling since 2013.
The rate at which home loans are paid in the US has been falling steadily since 2009.
This fall in mortgage rates has come in part because of the impact of the financial crisis.
Interest rates are expected to fall again in 2018 as banks restructure and cut interest rates.