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Daily Commentary for 19 Feb 2010This week started off with a wave of changes as ASB, BankDirect, Sovereign and NZ Home Loans all cut their longer term fixed rates. All four lenders reduced one-year rates by 30 basis points as well as dropping three, four and five-year rates by 15, 30 and 25 basis points respectively. ASB Bank now has the lowest four and five-year fixed rates for a major bank at 8.20% and 8.50% respectively. Following on from Kiwibank and TSB Bank last week, SBS dropped its floating rate by 40 basis points to 5.90% which puts it in line with the median for minor bank lenders and it also dropped its one-year rate by six basis points to 6.29%.
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Latest News
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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