Fed: RBA gives homebuyers another month of record low rates
Homebuyers will enjoy the lowest mortgage rates in 28 years for at least another month,after the Reserve Bank left interest rates unchanged today.
No announcement was made at 9.30am AEST, the usual time the RBA announces a changein interest rate settings after its monthly board meeting.
Economists say the RBA's reluctance to move suggests it remains cautious about theglobal outlook and prefers to wait three weeks for an updated domestic inflation figure.
Expectations are now high for the RBA's official cash rate to rise to 4.5 per centnext month from 4.25 per cent currently.
Such a rise would add about $24 to the monthly repayment on a typical 25-year, $154,400mortgage and could further slow the housing sector.
New figures today show the post-GST housing recovery is fading with building approvalsdropping for the third time in four months.
Meanwhile Australia posted its fourth trade deficit in a row in February as importsrose to a record high.
AAP RTV jph/rp
KEYWORD: ECONOMY (CANBERRA)
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