Floating rates unlikely to rise anytime soon
Thursday, September 16th 2010, 3:02PM
Mortgage holders can be reasonably confident floating rates are unlikely to rise for some months as seen in this graph with economist predictions pared back by 75 basis points since two months ago.
This is because the Reserve Bank left the Official Cash Rate (OCR) unchanged at 3% today, as expected.
Reserve Bank Governor Alan Bollard said the track for future rate hikes would be "more moderate" than previous forecasts, as the Christchurch earthquake disrupts an already slowing recovery.
In other news ASB Bank's mortgage book shrank in the three months ended June 30 although its June quarter profitability soared.
Also, ANZ National Bank named David Hisco as its new chief executive to replace Jenny Fagg who stood down to undergo cancer treatment.
| « Earthquake eliminates September OCR hike | Two years fixed the "sweet spot" » |
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