Mortgage Rates Daily Commentary
Thursday 9 July 2026
Floating rates rising post OCR increase; What the changing housing market means for prices
Following yesterday's OCR increase rate rises are trickling through for floating and revolving credit products. So far ASB, BNZ, Kiwibank and Westpac have announced increases.
Check out the changes here.
The question of whether the New Zealand economy can grow much without a recovery in the housing market remains a live issue. Here's what we learnt yesterday.
Mortgage rates keep tumbling
Significant savings made from falling mortgage rates.
Wednesday, June 11th 2003, 9:30PM
Subscribers to the highly-popular
Good Returns daily mortgage rate newsletter will be in no doubt that interest rates have been falling across the board in the past week since the Reserve Bank cut the Official Cash Rate.
The Real Estate Institute of New Zealand has praised the RBNZ for lowering the OCR a second time, this year saying the move is, "a positive approach to monetary policy."
Its latest interest rate survey confirms that most lending institutions have amended their one to five year fixed rates in the month to June 10. Twelve of the 15 institutions surveyed dropped their fixed rates between 0.10 and 0.41%, with most fixed rates dropping by 0.25 to 0.35%.
Floating rates also eased, many of the floating rates on offer falling by 0.24 to 0.50%.
REINZ National President, Graeme Woodley said the fact that the Reserve Bank appeared willing to lower the OCR a second time in order to limit the impact of recessionary forces and stimulate economic growth was welcome news for all homeowners.
"In a period where home values have continued to appreciate, the lower mortgage interest rate environment has had a positive impact on home affordability," he says.
"In real terms, the typical 5-year fixed interest rate in June 2002 was 8.45%, which on a $200,000 loan over 25 years equated to fortnightly repayments of $739.77. In the latest survey, the typical 5-year fixed rate is 6.85%, lowering those repayments to $643.23 per fortnight."
As of June 10, floating rates ranged between 6.65 and 7.60%. One year fixed rates ranged between 6.00 and 6.40%, two year fixed rates ranged between 6.20 to 6.50%, three year fixed rates ranged between 6.45 to 6.60%, and four and five year rates ranged between 6.60 to 6.85%.
To see who is offering what rate and to sort them in order go to the Good Returns Mortgage Rate page HERE.
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