The Reserve Bank Governor Alan Bollard raised the Official Cash Rate (OCR) this week a quarter up to 3%. This was predicted by most economists in a Reuters survey and they also expect that The Reserve Bank will continue to lift the OCR back to normal levels that we have had in previous years.
The retail banks are yet to react by way of interest rate increases, and in recent times the fixed rates have actually dropped a little from increases earlier in the year, so its a wait and see of who will move first and in what direction!
View our up to date summary of mortgage interest rates.
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