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Fixed-rate mortgages at record high

A record share of homebuyers opted for fixed-rate mortgages in June, according to figures from the Council of Mortgage Lenders.The survey showed that 90 per cent of first-time buyers took out fixed-rate loans, up from 83 per cent last year, while among those moving house, 76 per cent went for fixed rate deals, up from 63 per cent.High interest rates and tight budgets are thought to be behind the popularity of fixed-rate mortgages.Simon Rubinsohn, chief economist at the Royal Institute of Chartered Surveyors commented on the findings: "This is further evidence that higher mortgage costs are beginning to impact on borrowers."Facing another rate hike, it is logical that new buyers are seeking to protect themselves by opting for fixed rather than variable mortgage products." Inflation fell below target in July for the first time in more than a year, but many still predict a further rise to six per cent by the autumn.

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