Reserve Bank Governor said, "Given the outlook for core inflation and continued economic disruption stemming from the earthquakes, the current level of the OCR is likely to remain appropriate for some time."
Well, one might say that we expected this result, as most economists and voices within the media were predicting the OCR to remain as is... which ever way you view today's decision - if you have a home loan then it has to be positive! With the overall cost of living increasing we don't need our home loan interest rates rising too quickly.
Which brings us to the next question, what if anything will the banks do with their interest rates? We wait to see, lets hope there are either interest rate specials or perhaps a few decreases across the fixed rates that flow through to borrowers.
We publish the most up to date interest rates on our website, so check it out here or contact us.
If you want to talk interest rates, home loans, structures, fixed rate vs variable call Mortgage People today, don't wonder what to do next; talk to us and we'll help you find the right answer.
Freephone 0508 PEOPLE (0508 736 753)
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