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Date Published : Tuesday, May 20, 2008
A leading global credit ratings agency has given a positive report of the Australian mortgage market, despite identifying rises in delinquency rates.
Fitch Ratings states that, while 30-plus day delinquencies in the prime mortgage market have risen in the first quarter of 2008, Australian rates remain low when compared to those globally, the Sydney Morning Herald reports.
A statement from the company is quoted as saying: "It is not surprising to see an increase in delinquencies in the first quarter of any year, as Christmas credit spending impedes some borrowers' ability to meet their mortgage repayments."
The agency added that it predicts delinquency rates to continue to rise in the next six months as interest rate rises in February and March begin to be felt in the mainstream economy.
Fitch Ratings is based in New York and London and has over 49 offices worldwide, covering 90 individual countries.
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