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Daily Commentary for 23 Jun 2010BNZ and TSB Bank are the latest banks to make rate changes this week along with PSIS. BNZ has raised its variable rates across all its products by 25 basis points with its TotalMoney rate of 5.84% now the lowest bank variable rate. BNZ also increased its six-month rates by 20 bps, its 18-month rates went up by 16 bps and its one- and two-year rates rose 14 and 10 points respectively. TSB Bank has taken a slightly different approach with making no changes to its floating rate, keeping it at 5.99%, but increasing its six-month and one-year rates by 25 and 20 points respectively. PSIS has followed the main trend with upping its floating, six-month and one-year rates although by smaller increments. Its floating rate rose 20 basis points to 5.95%, its six-month rate went up by 15 bps and its one-year rate increased by 10 points to 6.45% Read about some of this weeks changes here.
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Earthquake eliminates chance of September OCR hike SBS takes margin hit to keep mortgage rates down Insider Paul Brock to replace Knowles at Kiwibank |
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Earthquake to rattle rates
The effect of the Christchurch earthquake has even rattled mortgage rates heralding a turning point to the current trend of a flattening yield curve with floating and short-term rates increasing and long-term fixed rates falling. Expect from here on to see the graph in front of you flipped, as economists expect the yield curve to steepen. The reason for this is that the 7.1 magnitude earthquake that hit Canterbury and the collapse of South Canterbury Finance last week has eliminated any remaining chance of a September Official Cash Rate (OCR) hike according to economists. Most are now not expecting monetary policy tightening until 2011. 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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