Fixed rates fall like dominoes
Economists have been expecting a rise in fixed mortgage rates, however lenders have thrown in a curve ball this week with nine lenders making cuts.
Thursday, March 18th 2010, 2:30PM
The changes have come from TSB, ASB, BankDirect, Sovereign, NZ Home Loans, SBS, PSIS, HBS and Credit Union Baywide.
The largest reduction made was 45 basis points by Credit Union Baywide and HBS kept the trend going of floating rates getting lower by slicing 59 basis points from its floating rate making it more competitive alongside all lenders.
To see more information about this week's mortgage rate changes go to this story.
In news, economists review last Thursday's Official Cash Rate (OCR) announcement with the new interest rate environment the centre of attention. Tony Alexander also looks at what will happen to one, two and three-year fixed rates if the OCR rises on either June 10 or September 16.
| « OCR left at 2.5%, hikes to be mid-year | Fixed rates keep falling » |
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