Fixed rates continue to firm
Fixed interest rates have continued to rise over the past month, but only slightly compared with the sharp moves seen in August.
Tuesday, October 12th 1999, 12:00AM
by Paul McBeth
Fixed interest rates have continued to rise over the past month, but only slightly compared with the sharp moves seen in August.
The Real Estate Institute's latest monthly survey found that fixed rates had risen between 0.1 and 0.9 percentage points and there was now more consistency across the lending institutions.
National Vice-President Rex Hadley said one example of this was the three-year rate, as most of the big lenders moved their rates to the 8.20-8.30 per cent range. The same lenders had been offering anywhere between 7.95 and 8.50 per cent the previous month.
One-year fixed rates now range from 6.25 to 7.0 per cent, while five-year rates are between 7.95 and 8.85 per cent.
"Small movements, on the whole upwards, but also down in fixed rates, tend to indicate that lenders are seeking a more natural stability in fixed mortgage rates at present," Hadley said.
Click here for Good Returns' table of current mortgage rates
Paul is a staff writer for Good Returns based in Wellington.
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