OCR review due
Reserve Bank (RB) governor Alan Bollard announces the Reserve Bank's regular review of the Official Cash Rate (OCR) on Thursday 25 January.
Wednesday, January 24th 2007, 4:16PM
by The Landlord
The OCR is currently set at 7.25% and was last changed in December 2005.The previous RB OCR statement (7 December 2006) noted that the December quarter CPI was expected to be very low (it was -0.2%), but also noted that household spending "continued to show surprising resilience" and "The housing market appears to have developed new momentum after slowing in the first half of the year. Houses are now selling as fast as at any time this year".
Mike Pero Mortgages chief executive Jeff Staniland says that home-lending inquiries at Mike Pero Mortgages have remained strong in January following record months in both November ($200 million of mortgages written) and December ($140 million).
The next Monetary Policy Statement from the Reserve Bank is due on Thursday 8 March 2007, followed by another OCR review on 26 April 2007.
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