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Daily Commentary for 24 Feb 2010PSIS is the first non-bank lender to reduce its floating rate this year, cutting it by 20 basis points from 5.95% to 5.75% along with it's revolving credit rate. This makes its floating rate the fourth lowest alongside Housing Corp, BankDirect, National Bank and ASB all on 5.75%. BNZ's Total Money product is offering the lowest floating rate at 5.59% followed by Kiwibank at 5.65% and ANZ's 5.69%. The median floating rate for non-bank lenders is 6.45% which is a significant 70 basis points higher. PSIS also dropped its discounted floating rate by 20 basis points from 5.45% to 5.25%. In Expert Views this week ANZ says the meaty chunks comment by Governor Bollard is now off the table and after originally pricing April Official Cash Rate hikes there are now tentative moves towards a July hike by some economists.
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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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