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BNZ sees little change in OCR this year

Tuesday, January 17th 2012, 6:45AM

Economists are back at work this week and have started putting out their regular commentaries again and many have the theme of what's in the wind for the year. Over the next couple of days we will report on where they think interest rates, particularly the OCR is heading.

BNZ's view is one of no change. It notes that "current market pricing has no hike in the Official Cash Rate, at all, over the next 12 months, and barely 25bps of tightening by the end of 2013. The ultimate peak in the OCR, for way down the track, looks to be in the order of 3.50%."

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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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