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A week of big news

The big mortgage news this week wasn’t around rates, rather it was the announcement from Kiwibank.

Thursday, May 27th 2010, 1:23PM

The announcement yesterday that Sam Knowles was stepping down as chief executive of Kiwibank attracted plenty of comment from readers. Click here to view.

Last week it was all about the Budget. Since then we have checked in with economists on what impact they think Bill English’s mildly stimulatory Budget will have on interest rates. Details are in this story. 

We have more expert commentary on where rates are headed in Experts Views and a new graph for you. This graph shows how rates are rising and how they compare to their historical averages.

Also this week we have added Heretaunga Building Society’s rates to our table.

 

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Latest News

SBS takes margin hit to keep mortgage rates down

Insider Paul Brock to replace Knowles at Kiwibank

NZIER: Pause in OCR till March 2011

OCR expectations knocked back

ANZ mortgage market share dips

ASB enters home equity release market

 
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Latest Trends
Fixed rates step into spotlight

The gap between floating rates and fixed rates is closing in. This is because floating rates have been increasing in synch with the last two Official Cash Rate (OCR) increases of 25 basis points, making an increase of 0.50% since June. At the same time there has also been a fall in two to five year fixed rates due to the decline in wholesale and swap rates.

Whereas six months ago the "step up" between floating and two-years fixed was around 1.60%, at the moment it stands at around 0.60%.

This means at the moment you would only need to see a small rise in rates for the fixing strategy to be the better option, especially for terms between one and two years.

 

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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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