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Daily Commentary
Wednesday, March 10th 2010, 7:50AMANZ and National Bank have made considerable cuts to their long-term fixed rates. ANZ has reduced its three, four and five-years by 24, 31 and 16 basis points respectively. Its new rates are now the lowest offered by a major bank by at least one basis point. ANZ's new four-year rate of 8.19% is now the lowest offered by all lenders in our table, followed closely by ASB, Kiwibank and National Bank with 8.20%. National Bank has also cut its three, four and five-year rates albeit by a smaller dose. Its three-year rate dropped 16 points to 7.79%, its four-year rate was cut by 30 points to 8.20% and its five-year rate dropped by 10 points to 8.50%. Comments from our readersNo comments yet Add your comment: |
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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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