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Daily Commentary for 20 Jul 2010SBS Bank has reduced its three-year fixed rate by 25 basis points to 7.25% and its five-year rate by 40 basis points to 7.75%, bringing the rates for both terms in line with the medians for all lenders on our table. |
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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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