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Little evidence for aggressive interest rate hikesLong term fixed mortgage rates continued to tumble this week with NZF and AMP making the most dramatic cuts to four and five year rates of between 65 and 75 basis points. TSB also cut long term rates.Friday, July 16th 2010, 4:19PMHSBC reduced its three, four and five-year rates by 20, 24 and 34 basis points respectively. It now has 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. To see the other mortgage rate changes made by lenders this week click here. In Expert Views BNZ economist Tony Alexander explains the seven considerations that should be made in deciding whether to fix or float and economists look at uncertainty around the recovery. New Zealand consumer prices rise less than expected in the second quarter providing little evidence that the central bank needs to aggressively hike interest rates and two non-bank lenders pull out of the home loan market because of a lack of funding.
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Earthquake to rattle rates
The effect of the Christchurch earthquake has even rattled mortgage rates heralding a turning point to the current trend of a flattening yield curve with floating and short-term rates increasing and long-term fixed rates falling. Expect from here on to see the graph in front of you flipped, as economists expect the yield curve to steepen. The reason for this is that the 7.1 magnitude earthquake that hit Canterbury and the collapse of South Canterbury Finance last week has eliminated any remaining chance of a September Official Cash Rate (OCR) hike according to economists. Most are now not expecting monetary policy tightening until 2011. 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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