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Will my housing loan interest rate go up?

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If I had a crystal ball or even a dollar every time somebody asked me that question I would be very wealthy. The reality is that nobody can tell for certain exactly what is going to happen. Not many predicted the Global Financial Crisis, the technology stock crash or even Spain winning the world cup unless you were that annoying octopus. What I can do however is give you a brief summary of the Reserve Banks August meeting which I have taken from the CBA Global Markets Research Economics Update to give an indication of what is currently happening and what they see happening in the economy. They indicate a solid Asian growth whilst advanced economies to have a weak recovery with a firm global demand outlook for energies and raw material from Australia. They are uncertain on the outlook for Credit markets and feel they may actually still be somewhat volatile. The housing market is to soften but still retain firm job growth with a higher household savings rate. They are expecting maybe another rate rise by the end of the year and if the growth continues maybe more rate increases next year however I may point out that there are a number of world events which could change that outlook in a heartbeat and the Australian economy can be very much affected by these events when they happen as we have all experienced from time to time.


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