Floating rates no place to be
The past week has been one of those unusually quiet ones on the home loan rate front. For the first couple of days of the week there was not one change to report. Our experience shows that weeks like this are rare.
Monday, July 12th 2004, 6:59AM
On Friday Premier increased its variable rate to 7.65%, Fidelity put up its rate to 7.90% and in the most interesting move Resi put up its two and three year rates, but dropped its five year rate. Also it dropped quite a few of its rates in the No Financial area (to see all those changes Click Here
The Resi move downwards may be a sign of things to come long term interest rates have crept lower because employment growth in the United States hasn’t been as strong as expected.
As for the big question – what’s the best home loan option at the moment? Two year rates are the pick. BNZ economist Tony Alexander says that he “would be wary of having much sitting at floating rates for the next 18 monhts given the sharp upside risk facing these rates.”
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