Daily Commentary for 9 Jul 2010

HSBC has cut its three, four and five-year rates by 20, 24 and 34 basis points respectively today.  They now have the lowest fixed rates on offer, albeit with the condition that customers must have a mortgage worth $500,000 or savings of $100,000 to qualify.

AMP Home Loans has made reductions to its two to five-year fixed rates today also.  The biggest change being a 75 basis point cut to its five-year rate followed by a 65 point cut to its four-year rate.  Its two and three-year rates dropped by 21 and 45 points respectively.

Housing New Zealand has increased its floating and one-year rates while cutting its two, three and five year rates by 25, 45 and 75 basis points respectively.

In news, sellers remain confident in the residential housing market and appear resolved to focus on attracting what little buyer interest there is rather than on achieving the highest price, according to Realestate.co.nz.