MortgageWatch: Smaller lenders move rates
This reflects two things. As economists pointed out in our round up of views earlier this week there had been little movement in wholesale rates changes. Secondly there is a pecking order in how organisations move their rates.
Banks tend to lead the market and make changes more quickly than other lenders and the smaller organisations are slower to make pricing changes.
The current interest rate trends are reflected in this week's changes. Lenders are being fiercely competitive in six-month fixed rate term, while edging up their longer-term rates.
Public Trust cut its six-month fixed rate by five basis points to 5.50%, putting it in line with the bulk of the market but still above the lowest in the market, Westpac's at 5.39%.
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