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More experts back Sept rate rise

Friday, February 4th 2011, 11:06AM

BNZ has now joined Westpac and ASB in predicting a September official cash rate (OCR) increase because of easing demand and rising slack in the economy - comments from other lenders suggest they may soon jump on this bandwagon too.

We also look at why bank economists do not believe the next move in the OCR will be downwards.

Kiwibank ended its "extremely successful" three week special where its one-year rate was dropped to meet the floating rate at 6.15% and in this graph we look at the increasing number of borrowers choosing to put their home loan on the floating rate.

There have also been some people movements with Andrew L'Almont resigning after more than 12 years as Mortgage Express chief executive and with TNP appointing a regional development manager to focus on growing the membership of TNP Home Loans. The New Zealand Mortgage Brokers Association (NZMBA) also discusses its plans for the year.

 

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The OCR ain't going anywhere

The new Reserve Bank governor, Graeme Wheeler, predicts that the official cash rate won't by going anywhere until 2014.

This is clear from the 90-day bank bill forecast graph in the December Monetary Policy Statement. It shows clearly how over the past year forecast increases kept getting pushed down each quarter.

A year ago the bank was predicting the 90-day bill rate would be up at 4.00% by March 2014. That forecast was wound back to 3.3% in March, 3.2% three months later and is now down at 2.8%.

The good news for borrowers is that, asssuming things pan out as forecast, then home loan rates aren't likely to be going up any time soon either.

Rates flatlining

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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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