Brokers, take note: your first home buyer clients largely prefer the non-majors, according to aggregator AFG.
AFG’s Mortgage Index for October revealed one in four first home buyers seek finance with the non-majors.
There was also an overall jump in the non-majors’ popularity, from 22.2% in August to 24% in September, which represented a significant increase in market share.
Meanwhile, intense competition in the fixed rate field resulted in a spike in popularity of fixed rate loans, with 21.5% of borrowers choosing to fix, with three-year loans the most popular.
AFG claimed the last time fixed rates were this popular was in March 2008.