Jenee Tibshraeny: NZ Herald Wellington business editor on the banks cutting down mortgage rates after OCR decision - Heather du Plessis-Allan Drive

Banks have begun slashing shorter-term mortgage rates following today's cuts to the OCR, but experts have issued a warning to homeowners.

Reserve Bank policymakers are again warning borrowers not to hold their breaths for substantive cuts to longer-term mortgage rates.

NZ Herald Wellington business editor Jenee Tibshraeny explains the factors behind today's cuts.

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