Homebuyers are falling off the mortgage cliff. How hard will the landing be?
Remember when you could get two-year fixed term mortgages at 1.79%? If the same homebuyers were to refinance today, they would be looking at variable rates of around 5.75%. That, in a nutshell, explains a mortgage cliff. As UNSW Business School‘s Mark Humphery-Jenner, PhD explains on LinkedIn, this cliff is coming — $350
