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Daily Commentary for 10 Feb 2010HSBC has significantly dropped its five-year mortgage rate of 8.55% this morning by 56 basis points to 7.99% which is a lot lower than the median for minor bank lenders of 8.69%. HSBC already had the lowest five-year rate at 8.55% before today's change and the lenders with the lowest five-year rates next to HSBC are the National Bank and Public Trust on 8.60% so it is rolling in the 7% range on its own. Nelson Building Society has also made changes, increasing its one year fixed rate by 25 basis points to 6.55% and its two-year rate by 15 basis points to 7.55%. Both of these rates are now 15 basis points higher than the respective medians for non-bank lenders.
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Analysis falls in favour of fixing two or three years Floating rates to rise but not as fast or far as expected Bollard lifts OCR, predicts more moderate pace of increases PRESS RELEASE: RBNZ raises OCR to 3% Economists and markets say interest rates up this week Does weak data mean the RBNZ should stop raising interest rates? |
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Flattening yield curve
The above graph shows the journey in which the home loan interest rates have taken over the past couple of years compared with the five-year median. With the considerable cuts to long-term fixed rates this month and the increases we saw to floating rates in June this year, the yield curve is starting to show signs of flattening out. 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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