ANZ's short-term rate cuts
Friday, March 4th 2011, 9:58AM
ANZ was the first lender to lead the charge cutting its short-term fixed rates this week, with the one-year rate dropping below floating with a 50 basis point cut to 5.95%.
This was in response to two-year swap rates which fell 25 basis points and continued to fall during the week to around 45 basis points lower in response to the earthquake and market expectations that the Official Cash Rate (OCR) would be cut by the Reserve Bank.
The cuts mean that ANZ's mortgage rates are lower than a year ago, but still higher than 2009.