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Banks in mortgage rate stand-off

Thursday, June 17th 2010, 12:14PM

There's no doubt about it - changes to floating rates will come.

Usually floating rates move in tandem with changes to the Official Cash Rate (OCR) as seen here, but no lender has increased its floating rate since the Reserve Bank made changes last week as no-one wants to make the first move.

This weeks graph looks at the margin between floating rates and the OCR over recent years.

In Expert Views, ANZ says now that the Reserve Bank has started the hiking cycle, July and September OCR hikes are almost certain, with late 2010 and early 2011 hikes dependant on global developments.  

A survey by Landlords.co.nz shows that if the Budget was designed to put residential property investors off their stride then it appears to have failed and The Landlord blogs on why it is good that some investors are selling.

Also, NZF has completed its $100 million fund securitisation which means it will soon be actively in the market chasing home loan business.

 

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Latest Trends
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%.

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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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