ASB raises fixed rates

Friday, November 4th 2016, 9:46AM

ASB has raised all its fixed mortgage rates for terms of three years and longer. 

This comes as wholesale swap rates have moved sharply higher in the past four weeks.

It also comes a month after ASB raised all its 'special' rates for terms to three years.

Today's changes add +20 to +30 bps to all their longer rates.

The same changes apply at BankDirect and Sovereign.

ASB's fixed three year 'special' has been raised by +20 bps to 4.59%. Their standard rate is up a similar amount to 5.09%.

Their four year 'special' rate has been raised by +30 bps to 4.89%. Their four year standard rate is up +20 bps to 5.29%.

And their five year 'special' is up +30 bps as well, to 5.09% which their five year standard rate is up +20 bps to 5.49%.

Over the past month, 3, 4 and 5 year swap rates have risen between +27 and +35 bps.

Retail term deposit rates are staying relatively elevated as well, although these will have been less influential in today's rate hike decision because they all come at the long end.

Tags: ASB

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