Mortgage Rates Daily Commentary
Thursday 20 February 2025
Rate conundrum lies ahead
It's interesting times with mortgage rates. About half of all mortgages will reprice over the next six months and advisers will have a key role to play in helping customers. What makes it more challenging is that most of the post OCR cuts yesterday were to floating rates with only a few moving fixed rates lower.
And to add to the challenge, two-year swap rate rose 2 basis points yesterday. The longer term rates are driven by what's happening in the United States and there are fears tariffs will fuel inflation.
Here are some interesting tables.
In the two year fixed rate you can see how many lenders changed rates and one has moved to a sub-5% level. See the table here
Meanwhile, this table shows how many lenders moved floating rates. The smaller banks have, in general, taken the more competitive positions. Have a look here.
NBNZ latest to address broker commissions
National Bank has become the latest major lender to warn mortgage brokers that it wants to cut their commission payments.
Monday, May 21st 2007, 5:19AM
by Maria Scott
Last month sister bank ANZ warned brokers that it wanted to cut commission from 1 June to 45 basis points from an average of about 0.6%. It also proposed an extension to its clawback period, for loans redeemed early, from 12 months to 18 months and to introduce fees for loans submitted and approved but not drawn down.
A large broker group told Good Returns that National Bank had now written to a number of firms giving notice that it wanted to cut commission. No figures were put on the proposal.
National Bank confirmed that it was in discussions but said no decisions had been reached.
A spokesman said: “We've appreciated the constructive feedback we have received and we're now focused on concluding the process with the individual brokers.”
ASB also expects to open discussions with brokers on commissions over the next two months.
Commenting is closed
