Mortgage pain could return before Christmas
Fixed mortgage interest rates could start rising before Christmas because the economy’s direction is now up, economist Tony Alexander says.
He says last week’s RBNZ 0.25% OCR cut to stimulate the economy and the 0.50% drop in October were not needed. “The chances are high the Reserve Bank has cut interest rates too far.”
He bases his assumption that long-term interest rates could rise before the end of the year on data released less than a day after the most recent OCR fall.
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