We see again this morning the Reserve Bank Governor Alan Bollard said "While the global and domestic economies continue to recover, the outlook has weakened since our June statement and it is appropriate to leave the OCR on hold".
The Governor went on to comment about the impact of the Canterbury earthquake which has 'significantly' disrupted economic activity; he also mentions looking more generally the household sector remains cautious!
However, the silver lining is that their is continued growth in Australia and China which will support demand for New Zealand exports, and the pace and extent of further OCR increases is likely to be more moderate than was projected in the June statement.
So there you go; its likely that our OCR will remain stable for the remainder of the year... we wait to see if there will be any activity from the lenders with their rates despite this announcement.
As always, our team is here to answer any questions you may have around your mortgage and refinancing needs.
Enquire now and get your free 10 minute consultation over the phone!
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