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OCR up 25 basis points

Thursday, July 29th 2010, 9:01AM

Yes the Reserve Bank has increased the OCR 25 points to 3% as predicted.

The good news, and key part of this morning’s statement is that even after today’s move, the level of the OCR is still very supportive of economic activity.

The pace and extent of further OCR increases are likely to be more moderate than was projected in the June Monetary Policy Statement.

Translated this means that mortgage rates will rise, but not as fast as earlier predicted.

 

 

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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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