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Friday, July 30th 2010, 7:20AM

While floating rate mortgages will rise again thanks to yesterdays OCR increase, the good news is they probably won't rise as much or as fast as previously expected. To read more on this, click here.

The only lenders to make changes this week have been PSIS, Public Trust and Fidelity Life.  All with cuts to their long-term fixed interest rates.

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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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