ANZ: Australian Mortgage Rates Heading Higher, Despite RBA

ANZ note that "fixed mortgage rates are heading higher as markets respond to better-than-expected economic data and higher inflation by pushing market interest rates higher. The rise in fixed rates will act like a tightening of monetary policy. The lowest mortgage rate available to new borrowers has already lifted from the historic lows seen earlier this year and is likely to rise substantially in coming months, which will lower borrowing capacity and slow house price gains. This headwind for house prices could feed through to lower credit growth, and may mean that further macroprudential tightening measures will not be required."