SBS Bank has cut its two-year fixed home loan rate yesterday by 31 points to 6.99%.
PSIS has increased its six-month rate by 10 basis points to 6.10% and it has dropped its two, three and four-year rates by 25, 40 and 60 basis points respectively.
In Mortgage rate news the Reserve Bank of New Zealand should stop raising interest rates, amid worrying evidence that the economy recovery is stalling, says New Zealand Institute of Economic Research Quarterly Survey of Business Opinion chief economist Shamubeel Eaqub.
The Reserve Bank of Australia kept its overnight cash target rate unchanged at 4.5%, and said borrowing costs have returned to their average levels of the past decade, which is appropriate pending more data on demand and prices. Read on here.
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