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Friday, July 9th 2010, 9:26AM

HSBC has cut its three, four and five-year rates by 20, 24 and 34 basis points respectively today.  They now have the lowest fixed rates on offer, albeit with the condition that customers must have a mortgage worth $500,000 or savings of $100,000 to qualify.

AMP Home Loans has made reductions to its two to five-year fixed rates today also.  The biggest change being a 75 basis point cut to its five-year rate followed by a 65 point cut to its four-year rate.  Its two and three-year rates dropped by 21 and 45 points respectively.

Housing New Zealand has increased its floating and one-year rates while cutting its two, three and five year rates by 25, 45 and 75 basis points respectively.

In news, sellers remain confident in the residential housing market and appear resolved to focus on attracting what little buyer interest there is rather than on achieving the highest price, according to Realestate.co.nz.

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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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