INDEPENDENT NEWS

Fixed Rates Up - Floating Rates Remain The Same

Published: Tue 11 Nov 2003 05:40 PM
Fixed Rates March Upwards While Floating Rates Remain Unchanged
Fixed mortgage interest rates staged a solid march upwards in November, according to the latest mortgage interest rate survey conducted by the Real Estate Institute of New Zealand.
Fixed one to five year mortgage interest rates were increased by the seventeen applicable major banking institutions in November when compared with figures released the prior month.
Meanwhile floating rates were unchanged.
The National President of the Real Estate Institute, Mr. Graeme Woodley said, “The rise in rates was expected but the quantum of increases across the board from one to five years suggests rates are well and truly on an upward path.”
In the month to 10 November, the seventeen institutions increased their fixed rates beyond six months by between 0.05 and 0.51 per cent. Six month fixed rates remained unchanged, apart from ANZ and Kiwibank who increased their rates by between 0.15 to 0.20 per cent.
The institutions raised rates for fixed one year rates from 0.10 to 0.35 per cent, while fixed two year rates increased from 0.15 to 0.51 per cent. Fixed three year rates increased 0.20 to 0.50 per cent, fixed four year rates increased in range from 0.15 to 0.25 per cent, while fixed five year rates rose by 0.05 to 0.35 per cent.
All eighteen mortgage providers left floating rates unchanged. The current floating rates from the major institutions range from 6.55 to 7.10 per cent.
As of 10 November, one year fixed rates ranged between 6.50 and 6.95 per cent, compared to 6.30 and 6.70 per cent to 10 October, while two year fixed rates ranged between 7.00 to 7.40 per cent, up from the prior period’s range of 6.59 to 7.05 per cent per cent last month.
Three year fixed rates ranged between 7.20 and 7.60 per cent, as compared to the previous months range of 6.70 to 7.25 per cent; and four and five year rates ranged between 7.40 to 7.80 per cent, a significant increase when compared to the 7.15 to 7.50 per cent in the month to 10 October.

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