Big move back to two-year fixed interest rates
Owner occupier lending moved towards longer terms, with the share of new lending on two-year fixed terms increasing by 12.7% from 10.6% in November to 23.2%.
The RBNZ’s New Lending Fully Secured by Residential Mortgage data shows mortgages taken out on fixed interest rates rose to 78.2%, up 27.6% from November.
The big move was in the two-year fixed rate at the expense of floating rates, which dropped to 20.6% from 47.4% the previous month.
Owner-occupiers took out $2.15 billion in mortgages on two-year fixed terms, or 23.2%, up from 10.6% in November – the highest since April last year.
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