The Interest Rate is currently pegged at its lowest level in history, and while the RBA is set to deliberate its fate later, here are the 10 things you need to know about the current Interest Rates:
- The current Interest Rate is 2.5%.
- It is at the lowest level in history.
- The Interest Rate was cited as a major driver of housing affordability in 10 years, according to the HIA-CBA Housing Affordability Index.
- The Interest Rates are at its current levels for over a year, when the Reserve Bank reduced it to 2.5% in August 2013.
- The lowest the Interest Rate has been was 3% in April 2009.
- At the same time in 2011, the Interest Rate was 4.5%. In August 2012, the Interest Rate was at 3.5%.
- In the last 25 RBA meetings (As far back as August 2007), the Interest Rates have increased by 25 basis points 11 times, decreased by 25 basis points 9 times, decreased by 100 basis points 3 times, decreased by 75 and 50 basis points once.
- RBA Governor Glenn Stevens has hinted that the Interest Rates are at a period of stability, according to the meeting minutes released last month.
- International economists have voiced out concerns over the current low Interest Rates and rising Property Prices.
- Majority of experts believe that the Interest Rates will remain at its current levels for the year. They expect Interest Rate hikes to happen by next year, where it will sit at a new normal level of 4%.
Read more about this on the Property Observer website.
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