Commonwealth Bank Australia Sees 250% Fixed-Rate Search Surge Before RBA Decision
Commonwealth Bank of Australia reported a 250% surge in searches for fixed-rate loan terms in March as borrowers brace for a likely Reserve Bank rate hike next week. Less than 5% of Australian mortgages are currently fixed, according to the RBA. A Reuters poll shows most economists expect the cash rate to rise to 4.35% on May 5 after inflation hit 4.6% in March.