Stock Photo - Dollar notes in New Zealand currency background, bank, banking, banknotes, business, cash, concept, currency, dollar, dollars, economy, finance, isolated, kiwi, many, money, new zealand, note, notes, object, objects, packet, paper, papers, rich, twenty, white money generic That meant most home loan fixed rates would settle in the 4.5 per cent to 5.5 per cent range, he said. For those who want this longer-term interest rate certainty now, the cost of fixing for two to five years is still very low compared to the past twenty years.”ĪSB now expects the official cash rate (OCR) to rise to a peak of 2 per cent, from 0.5 per cent at present.
“Fixing for some of the longer terms provides interest rate certainty for the next few years, but at a higher cost than the cheaper short-term rates. However, this approach could be undermined by the prospect of a swift lift in the OCR and mortgage rates over the year ahead, and for those running this strategy, the prospect of higher future rates should be budgeted for. “Fixing for the lowest-cost shorter terms and subsequently rolling fixed-term mortgages has been a good strategy. * Mortgage rates 'as low as they will go': What's the best strategy? * Household costs to rise $42 a week if inflation takes hold, economists predict
* Borrowers must prepare for higher mortgage rates, ASB says
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