RBNZ expects 45% of mortgages to reprice in the June and September quarters

The Reserve Bank expects about 45% of mortgages will be refixed in the June and September quarters with advertised rates for one and two-year fixed mortgages having fallen below 5% for the first time since 2022.

“This will improve household cashflow over the next six months,” the central bank said in its latest monetary policy statement.

It noted that the trend towards shorter-term and floating rates has started to reverse, noting that the share of new mortgage flows on floating and six-month rates decreased significantly in March.

“In March 2025, around 60% of new mortgage flows were directed towards terms of less than one year,” but that was down from about 90% in the preceding four months, it said.