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1.Market Observations, 8.Was Sticky

5 Oct 2018 (AFR) – Mortgage payments to near 20-year high: PIMCO

(5 October 2018, AFR, p33, by Michael Bleby)

‘Rising mortgage costs will hit housing affordability at a time when dwelling prices are falling, as home loan servicing costs rise to highs not seen since the global financial crisis, PIMCO warns. Higher wholesale funding costs for retail banks, worsened by concerns about a deteriorating housing market, will increase the repayment burden that for many home buyers is already increasing as lenders switch to principal-and-interest loans from interest-only loans, the bond fund manager said in a report.’

Read more at AFR.com (might need AFR access, or try: AFR.com/trial)

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