Dangers for FOMO mortgage hunters as rates fall

Published On Sep 13, 2024, 5:24 PM

Falling mortgage rates are becoming a relief for struggling homeowners and first-time buyers, as lenders engage in fierce competition to attract new customers. Major banks have started lowering fixed mortgage rates, with analysts predicting further decreases. However, some borrowers are feeling pressured to act quickly due to the fear of missing out on better deals, risking exposure to higher variable rates after their current deals expire. While overall conditions are improving, there remain challenges in the market, especially for those remortgaging and savers who are receiving diminishing returns on savings. Experts suggest monitoring mortgage rates and acting strategically to secure the best deals.