Business
Banks under pressure to lift long-term rates as funding costs rise – Sydney Morning Herald
Higher funding costs are tipped to push up four- and five-year fixed-interest mortgage rates.
Banks are under pressure to start raising interest rates on longer-term fixed rate mortgages to preserve profits amid a blow out in funding costs on global financial markets.
The Commonwealth Bank last week became the first of the big four to move upwards on long-term rates, blaming higher funding costs as it increased its four-year fixed rate by 0.2 percentage points to 2.19 per cent, as it also cut two-year rates.
Rock-bottom fixed rates have been an important ingredient in Australias housing…
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