New home loan borrowers continue to reject fixed interest rate mortgages, with demand dropping to a new record low, according to a survey by a national mortgage broker.

The national mortgage broker said that demand for fixed rate mortgages dropped to 0.88 per cent of all new loan approvals in January, from a previous record low of 1.26 per cent in December.

The national mortgage broker said it is the lowest level since it’s survey began in January 2003, and is down from 4.07 per cent 12 months ago.

Prior to the Reserve Bank of Australia commencing a series of cuts to the official interest rate in 2008, one in three borrowers chose to fix their interest rate.

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