The drought has been broken. SBS is the first lender to move its rates in the past month. Yesterday its hiked its six-month and one-year rates 10 basis points each to 5.60% and 5.70% respectively.
This morning ASB, Bank Direct and Sovereign have gone even further. They have increased all rates with a duration of 18-months or more and made significant increases. The biggest increase has been to three-year rates which are up 50 basis points each, four-year rates are up 40 basis points and two and five-year terms are up 30 points each.
ANZ and National Bank have now also followed suite with its own increases to its rates of 18-months or more.
We analyse the move and look at swap rates in this article - SBS raises rates: Will others follow?
Also this morning we have the latest housing confidence survey results from ASB. You can read them here.
