60% of Mortgage Debt now on Floating Interest Rates

Figures out from the Reserve Bank highlight that 60% of mortgage debt is now on Floating Interest Rates at an average interest rate of 5.74%.

One year ago the figure was 46% at an average interest rate of 6.26%.

Turnover in the housing market in December 2011 was 21% higher than the year earlier although this improvement is still down 30% on the average December turnover between 2003 and 2007.