Mortgage rates creeping up
In another sign that the recent mortgage interest rate price war is dead, most of the big banks have nudged up fixed interest rates again, some to two-year highs.
Sunday, January 2nd 2005, 1:42AM
by The Landlord
Most terms, from one year to five years, are now around 7.7 per cent, with floating rates still touching 8.7 per cent.Most big banks lifted their two-year fixed rates back to 7.6% a fortnight ago, a reversal of the competition led by Bank of New Zealand that saw rates dive as low as 6.9% in the last few months.
Yesterday National Bank bumped up its two-year fixed term interest rate again from 7.6 to 7.7% a year, keeping other rates steady.
Sister bank ANZ also has a 7.7% interest rate, as has rival Westpac Bank.
Bank of New Zealand, which led the fixed interest rate price war for about four months, has lifted its rates to 7.6%, its highest rate for more than two years. Smaller players TSB Bank and Superbank offer the same 7.6% rate.
The rate price war had given the housing market a nudge up in the second half of the year, but some economists are still expecting prices to fall back next year, by an average of about 5%.
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| « Rates up, up and away | Two-year rates still a good deal: economist » |
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