‘Good time’ to opt for fixed home rates, says expert

It is a good time for mortgage borrowers to look to fix the costs of their home loans, an expert has said after KBC Bank announced cuts to its fixed rates for new and existing customers.

Michael Dowling, chair of the mortgage committee at brokers’ group IBA, said that existing customers could tap the largest benefits by switching into their banks’ long-term fixed years of three or five years.

For new and existing customers, KBC said it has cut its two-year fixed rate by 0.25%, to 3.4%; cut its three-year fixed rate by 0.35%, to 3.3%; and reduced its five-year fixed rate by 0.2%, to 3.55%.