Home Loan Rates Getting Higher

By Petra Amelia on October 10th, 2007

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The number of loans granted to people to construct or purchase homes gained 1.1 percent after a 4.1 percent decline in July, according to the median estimate of twenty one economists surveyed by Bloomberg News. Australia’s lowest jobless rate in 33 years and rising consumer confidence is boosting an economy that grew at the fastest pace in three years in the second quarter. Rents have climbed after a construction slowdown last year cut the supply of housing just as rising immigration stoked demand. “We see strength in the housing market because of the tightening of the underlying housing demand-supply balance,” said Paul Braddick, head of financial systems analysis at Australia & New Zealand Banking Group Ltd. in Melbourne.

Read this entire article on Bloomberg.com

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