Interest rates may have already reached their peak.
In May 2020, borrowers taking out a standard one-year rate were paying an average of 3.2 percent, but that increased to just over 5 percent in May this year.
It comes as ANZ, BNZ and Westpac cut their two-year fixed mortgage rates.
Squirrel Mortgages CEO John Bolton says told Heather Du Plessis Allan the OCR will keep increasing, but longer-term fixed rates are peaking.
“Looks like New Zealand’s economy is slowing down quite quickly. We’ve had a lot of bad news lately, that’s sort of starting to dampen down how fast and how far the market believes the Reserve Bank’s gonna have to push the OCR up.”
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In May 2020, borrowers taking out a standard one-year rate were paying an average of 3.2 percent, but that increased to just over 5 percent in May this year.
It comes as ANZ, BNZ and Westpac cut their two-year fixed mortgage rates.
Squirrel Mortgages CEO John Bolton says told Heather Du Plessis Allan the OCR will keep increasing, but longer-term fixed rates are peaking.
“Looks like New Zealand’s economy is slowing down quite quickly. We’ve had a lot of bad news lately, that’s sort of starting to dampen down how fast and how far the market believes the Reserve Bank’s gonna have to push the OCR up.”
LISTEN ABOVE
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