Owner refinancing at a record high which may influence RBAs decision rates for July

CommSec’s Tom Piotrowski says owner refinancing is at a “record high” which may potentially influence the Reserve Bank of Australia’s decision on the rates for July. “Yesterday we saw rather solid housing data, the home lending figures showed the owner occupied refinancing at record high,” he told Sky News Australia. “The overall lending figures were quite a deal stronger than what the market was looking for, 4.8 per cent compared to 1.4 per cent – at a time where home prices are increasing, there are rental shortages. “It’ll be interesting to see whether or not this is the factor that skews the RBA in the direction of a rate hike when everyone else is thinking that nothing will happen.” Presented by CommSec.