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Fixed rates firming as floating rates ease

News Release June 14, 2001

Fixed rates firming as floating rates ease across the board


Floating mortgage interest rates have eased significantly in the thirty days to June 10, while two to five year fixed mortgage interest rates have firmed from 0.10 to 0.80 per cent, according to the Real Estate Institute of New Zealand.

National President of the Real Estate Institute, Mr Rex Hadley, said that in the month to June 10, nineteen of the twenty-four institutions surveyed had reduced their floating rate.

He said, “Floating rates eased from 0.25 to 0.55 per cent across the board, largely as a result of the Reserve Banks lowering of the Official Cash Rate on May 16 to 5.75 per cent. Conversely, fixed rates, have firmed to a similar degree, with two-thirds of the institutions surveyed raising their long term rates by between 0.25 and 0.40 percent.”

“Fixed rates have trended upward for both May and June, compared to the first quarter of 2001 where there was a lot of variance in the movement of two to five year fixed interest rates. It remains to be seen, over the next two months, whether this upward movement will continue.”

As of June 10, one year fixed rates range between 6.65 to 7.10 per cent, two year rates ranged between 7.20 and 7.60 per cent, three year fixed rates range between 7.30 and 7.90, while four and five year rates range between 7.80 and 8.20 per cent.

Floating rates ranged between 6.84 and 8.00 per cent. Floating rate movement ranged from 0.25 to 0.55 per cent.
-ENDS-

Real estate information is also available via the Institute’s official property directory – RealENZ – on the Internet. RealENZ is a search facility providing comprehensive information on residential, lifestyle, rural, commercial, investment and rental properties. RealENZ’s Internet address is: www.realenz.co.nz

ENDS

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