ASB fixed rates hike
Friday, October 16th 2009, 7:00AM
To end what has been a relatively busy week with home loan interest rates, ASB and its related companies has increased its fixed rates across the board. The only major bank to not move rates this past week has been BNZ, who increased the majority of its fixed rates two weeks ago.
ASB, Sovereign and NZ Home Loans six-month rates went up by 25 basis points whereas BankDirects was raised by 30 basis points to come into line with ASB's 5.75% rate. All one to three-year rates increased by 20 basis points and the four and five-year rates rose 25 and 15 points respectively.
In stark contrast of this weeks fixed rate increases, Housing NZ has cut its variable rate by 50 basis points to 5.80% and raised its five-year rate by 5 basis points to 8.30%. The last variable rate change made by Housing NZ was back in March of this year.
According to our latest experts views story, this is just the beginning of mortgage rate rises.
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