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Tuesday, July 6th 2010, 7:43AM

ASB Bank and Kiwibank are the latest banks to cut long-term fixed interest rates. 

ASB and BankDirect made a 45 basis point cut to its three-year fixed rate and both its four and five-year rates were cut by 65 points.

Kiwibank reduced its three-year rate from 7.70% p.a. to 7.25% p.a.; four-year reduced from 8.20% p.a. to 7.55% p.a. and its five-year from 8.50% p.a. to 7.75% p.a.

SBS Bank has cut its two-year fixed home loan rate today by 31 points to 6.99%.

CBS Canterbury's rate changes today consist of an increase of 10 basis points to its one-year rate and cuts of up to 36 points to its two, three and five-year rates.

Southern Cross Building Society upped its six-month and one-year rates by 20 points each and Credit Union Baywide have cut its two and three-year rates by 35 and 45 points respecitvely this week.

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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%.

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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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