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Daily Commentary
Friday, February 19th 2010, 7:41AMThis week started off with a wave of changes as ASB, BankDirect, Sovereign and NZ Home Loans all cut their longer term fixed rates. All four lenders reduced one-year rates by 30 basis points as well as dropping three, four and five-year rates by 15, 30 and 25 basis points respectively. ASB Bank now has the lowest four and five-year fixed rates for a major bank at 8.20% and 8.50% respectively. Following on from Kiwibank and TSB Bank last week, SBS dropped its floating rate by 40 basis points to 5.90% which puts it in line with the median for minor bank lenders and it also dropped its one-year rate by six basis points to 6.29%.
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Future interest rate hikes softened
The Reserve Bank has kept the OCR at 2.50% as expected, but had lowered its forecast track for the 90 day bill rate by around 60 basis points (0.6%) to a peak of 4.30% by the end of next year. For borrowers that means floating home loans are not forecast to rise as much as previously forecast. In June the expectation was that the rates would rise 2% in the next 12 months: that figure has now been wound back to 1.4%. MORE » |
Disclaimer: Every possible effort has been made to keep the information in the rates tables as accurate as possible, however, neither the publishers of Mortgage Rates nor anyone engaged to compile these tables accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details directly with the provider concerned.
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