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Monday, June 17th, 1:54PM
The strongest consumer confidence figures in three years are not enough to convince ASB that the Reserve Bank will move the official cash rate before the end of the year.
Statistics out today in the latest Westpac McDermott-Miller Consumer Confidence survey show the index jumped to 116.6 in the June quarter, up from 110.8 in March and the highest level since June 2010 when it touched 119.3. Any reading over 100 indicates there were more optimists than pessimists.
Westpac chief economist Dominick Stephens said: “People are shifting out of saving mode and into spending model...MORE»
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Friday, June 14th, 8:48AM
Here we wrap up with the economists read into yesterday's Reserve Bank Monetary Policy Statement yesterday.
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Thursday, June 13th, 8:54PM
The long-drawn out, and often acriomonous, battle for control of Mike Pero Mortgages has finally reached a conclusion.
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Previous Mortgage News
Thursday, June 13th, 9:02AM
The Reserve Bank holds rates, worries about house prices and the exchange rate and still considers its new tools.
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Wednesday, June 12th, 6:21PM
[UPDATED] Normally banks don't make changes to home loan rates before a Reserve Bank official cash rate announcement, but this week has been an exception.
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Monday, June 10th, 7:25AM
Economists expect the official cash rate to remain at 2.5% when the Reserve Bank releases its Monetary Policy Statement and expect that it won't start rising till March next year.
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Friday, June 7th, 12:41PM
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Friday, June 7th, 10:09AM
LVR restrictions may not make much difference to the supply of credit, at least at first, one analyst says.
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Wednesday, June 5th, 8:55AM
Reserve Bank governor Graeme Wheeler is so worried about what a house price correction could do to the stability of the banking system that loan-to-value restrictions may be only days away, BNZ says.
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Tuesday, June 4th, 6:35AM
More mortgage customers are opting for longer fixed terms, HSBC says.
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The OCR ain't going anywhere
The new Reserve Bank governor, Graeme Wheeler, predicts that the official cash rate won't by going anywhere until 2014.
This is clear from the 90-day bank bill forecast graph in the December Monetary Policy Statement. It shows clearly how over the past year forecast increases kept getting pushed down each quarter.
A year ago the bank was predicting the 90-day bill rate would be up at 4.00% by March 2014. That forecast was wound back to 3.3% in March, 3.2% three months later and is now down at 2.8%.
The good news for borrowers is that, asssuming things pan out as forecast, then home loan rates aren't likely to be going up any time soon either.
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