Article #976497155
Thursday, August 19th 2010, 7:51AM
Experts Views says the New Zealand mortgage curve has flattened lately, with floating rates rising in step with the Official Cash Rate (OCR) increase, but fixed rates falling in line with the decline in wholesale swap rates.
This is seen in the latest mortgage rate changes:
HBS has increased its floating rate by 10 basis points to 6.25% and its six-month rate by 15 basis points to 6.35%. It has also reduced its two-year rate by 25 basis points to 6.85%. This closes the gap between its floating rate and two year rate making them 60 basis points apart.
Credit Union North has made a similar move increasing its floating rate by 20 basis points to 6.30% and cutting its two year rate by 10 basis points to 6.90%, making the difference 60 basis points also.
The Southern Cross Building Society has upped its six-month and one-year rates by 20 and 10 points respectively and cut its two-year rate by 34 basis points to 6.65%, the lowest rate for a non-bank lender. Its three-year fixed rate took a 10 point dive also.
PSIS has made the same 20 point increase to its six-month rate and dropped its two and three-year rates by 5 points each.
| « HSBC keeps six month rate unchanged | Yep, it's the two-year market for SBS » |
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