OCR left at 2.5%, hikes to be mid-year
The Reserve Bank left the Official Cash Rate (OCR) unchanged today which is good news for borrowers.
Thursday, March 11th 2010, 3:58PM
Even better news is that Reserve Bank Governor Alan Bollard repeated his view that rates aren't likely to start rising till the middle of this year. He also said that rates aren't likely to go back to the levels seen in 2008.
We review Bollard's statement and talk to economists in Mortgage Rates news as well as posting the full speech.
There were also some significant mortgage rate changes this week with ANZ and National Bank making cuts to their three, four and five-year fixed rates yesterday.
ANZ's rates for those terms are now the lowest offered by a major bank at 7.75%, 8.19%, and 8.49% respectively.
National Bank dropped its three-year rate by 16 basis points to 7.79%, its four-year rate by 30 basis points to 8.20% and its five-year rate was cut by 10 basis points to 8.50%.
We have also posted a new graph showing the different mortgage rates offered to new borrowers.
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