Southern Cross has done all the moving yesterday, with the most significant moves in the shorter terms. Its six-month rate rose by 15 basis points to 5.60% and its yearly rate rose by 10 basis points to 5.90%. The two and three year rates were also shimmied up by 5 basis points to 6.90% and 7.80% respectively. Even with these changes, Southern Cross is still below the median rate for all lenders.
Mortgage rates news is revolving around the Reserve Bank and what will happen with the OCR next week. The emerging view is the OCR will stay at 2.5% for the rest of the year. Economist commentaries look at this and the effect Dubai World's debt has had on global interest markets and risk aversion.
Also in the news is NZF which says in its interim financial report that it has increased its assets through its loan business.
