Cairns Lockie - Reduction in Fixed Mortgage Rate
Cairns Lockie Limited Mortgage Bankers
Mortgage bankers Cairns Lockie Limited announced a fall in its five-year fixed mortgage rate, effective immediately (3 March 2000). The new five year rate becomes 9.05% (down from 9.15%). This is the first rate fall in almost a year.
Mr Lockie noted that the company was passing on a reduction in longer dated wholesale rates. "Some trading banks have increased their margin by holding their five year fixed rates at the 9.30% level" he noted, "We have reduced our rate".
The spread between the two-year fixed rate and the five-year fixed rate has narrowed to just 40 points having been a wide as 100 points (1%) less than six months ago. This is further evidence of a flattening in the yield curve.
Floating rates remain unchanged.
Cairns Lockie Limited is a mortgage banking company specialising in residential and residential investment lending. It has a strong internet presence through its site www.emortgage.co.nz