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MortgageWatch
Median for short-term bank rates below 6%Thursday, March 10th, 1:55PM
Borrowers will be excited to see that the floating, six-month and one-year rate medians for the banks are all below 6% as a result of the Reserve Bank cutting the official cash rate (OCR) to 2.50% yesterday.
The OCR is now back to the record lows which followed the global financial crisis and as a result a large boost of confidence has been delivered to the economy.
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Previous News
More experts back Sept rate riseFriday, February 4th, 11:06AM
OCR on hold till growth and inflation increaseThursday, January 27th, 2:06PM
Kiwibank tests the marketThursday, January 20th, 2:16PM
Bank switching easier this yearThursday, January 13th, 11:28AM
As we launch into the New Year borrowers are aware that rate increases lie ahead - likely around the middle of the year. This will mean observing rates and getting the timing right to jump from floating to fixed will be critical in the months ahead. MORE»Tis the season to be floatingFriday, December 24th, 11:07AM
Mortgage rates haven't moved in the December run up to Christmas, but changes are expected mid-way through the New Year. MORE»Rate rises on the horizonThursday, December 2nd, 12:20PM
Flurry of cuts to two-year ratesFriday, November 19th, 11:23AM
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Future interest rate hikes softened
The Reserve Bank has kept the OCR at 2.50% as expected, but had lowered its forecast track for the 90 day bill rate by around 60 basis points (0.6%) to a peak of 4.30% by the end of next year. For borrowers that means floating home loans are not forecast to rise as much as previously forecast. In June the expectation was that the rates would rise 2% in the next 12 months: that figure has now been wound back to 1.4%. 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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