Higher home loan rates this week
Home loan rates have started rising again this week as higher wholesale funding costs feed through into the market.
Monday, November 13th 2006, 8:14AM
Rising rates shouldn’t be any surprise to the market and borrowers. The latest ASB Housing Confidence survey released last week showed that there was an expectation of further interest rate increases.
While the survey was carried out before the Reserve Bank announcement on October 26, a increasing number of those surveyed still expect further rate increases at some point.
ASB says that it appears that New Zealanders are more resilient to interest rate changes than their counterparts in Australia and the US, where any change in rates is rapidly reflected in the housing market.
Its survey showed the market and expectations of house price increases was still relatively strong.
Also today the latest QV numbers show the market is still strong, although house prices have come back a little.
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