Does today's interest rate hike mean you should fix your home loan?
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GUEST – Mfundo Mabaso, Growth Head, FNB Home Finance
If the ongoing interest rate hike cycle has not had you considering fixing your home loan interest rate, then today’s expected increase may be the one to steer you in that direction. But don’t make the move just yet – in fact, it may not be wise to make it at all. When the rate started its climb after record lows in 2020, many homeowners started squirming, wondering if they should be fixing their home loan rates to protect against future hikes; the expert advice at the time was ‘no’. Now, however, they are starting to shift their thinking. But what exactly should they be thinking?
If the ongoing interest rate hike cycle has not had you considering fixing your home loan interest rate, then today’s expected increase may be the one to steer you in that direction. But don’t make the move just yet – in fact, it may not be wise to make it at all. When the rate started its climb after record lows in 2020, many homeowners started squirming, wondering if they should be fixing their home loan rates to protect against future hikes; the expert advice at the time was ‘no’. Now, however, they are starting to shift their thinking. But what exactly should they be thinking?
