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Daily Commentary for 24 Jun 2010Yesterday saw non-bank lenders taking their turn with rate increases. HBS, General Finance and Cairns Lockie all raising short-term rates. HBS increased its floating rate by 25 bps and its six-month and one-year rates rose by 21 and 15 bps respectively. General Finance and Cairns Lockie have both raised their short-term fixed rates. Their six-month rates have increased by 11 basis points to 6.30%, one-year rates by 25 basis points to 6.65% and two-year rates by 5 basis points to 7.50%. This brings all their rates above the medians for non-bank lenders. In news, house prices don't look set to rise any time soon, according to the latest ANZ Property Focus. |
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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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