Interest rates rising as affordability worsens

The major banks are continuing to increase their home lending rates as new data reveals affordability is at its worst levels on record.

With galloping property prices making it harder than ever for first homebuyers to get a foot on the property ladder, news of interest rate hikes is likely to only compound their fears.

Despite the Reserve Bank of Australia holding the official cash rate at historic lows, CommBank has just fuelled further fixed …