Fixed Rates Continue Upward Movement

July 12, 2001

Fixed mortgage interest rates continued to firm in the thirty days to July 10, while floating mortgage interest rates have stabilised, still ranging between 6.84 and 8.00 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 July 10, the majority of the institutions surveyed had raised their longer term rates.

He said, “Fixed rates have firmed month by month since May. Having firmed by between 0.25 and 0.40 per cent in the month to June 10, fixed rates again raised by between 0.05 to 0.39 per cent across the board in the latest period.”

As of July 10, one year fixed rates range between 6.69 and 7.20 per cent, compared with 6.65 to 7.10 per cent to June 10; two year rates range between 7.20 and 7.70 per cent compared to 7.20 and 7.60 per cent last month; three year fixed rates have increased from a range of 7.30 to 7.90 per cent to a range of 7.50 to8.05, while four and five year rates range between 7.85 to 8.35 per cent, up from the 7.80 and 8.20 per cent recorded in the month to June 10.

-ENDS-

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