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Daily Commentary for 12 Jul 2010Last week ended with HSBC cutting its three, four and five-year rates by 20, 24 and 34 basis points respectively. They now have the lowest fixed rates on offer, albeit with the condition that customers must have a mortgage worth $500,000 or savings of $100,000 to qualify. NZF also dropped its long-term rates at the end of last week, with 70 basis points cut from its four and five-year fixed home loan rates. Its two and three-year rates went down by 10 and 50 points respectively. |
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SBS takes margin hit to keep mortgage rates down Insider Paul Brock to replace Knowles at Kiwibank NZIER: Pause in OCR till March 2011 |
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Fixed rates step into spotlight
The gap between floating rates and fixed rates is closing in. This is because floating rates have been increasing in synch with the last two Official Cash Rate (OCR) increases of 25 basis points, making an increase of 0.50% since June. At the same time there has also been a fall in two to five year fixed rates due to the decline in wholesale and swap rates. Whereas six months ago the "step up" between floating and two-years fixed was around 1.60%, at the moment it stands at around 0.60%. This means at the moment you would only need to see a small rise in rates for the fixing strategy to be the better option, especially for terms between one and two years. 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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