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Mortgage rates hiked and cut
Tuesday August 10, 2010
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Westpac and TSB Bank have joined ANZ and ASB Bank in lifting floating mortgage rates and cutting longer-term fixed rates.
The moves follow the decision on July 29 by the Reserve Bank to lift the official cash rate by 25 basis points to 3%.
Westpac lifted its floating mortgage by 25 basis points to 6.% and lifted its six-month rate by 15 basis points to 6.25%It cut its two-year rate by 14 basis points to 6.85%, cut its 18-month rate by 10 basis points 6.6%, cut its three-year rate by 5 basis points to 7.2% and cut its four-year rate by 10 basis points to 7.45%.
TSB lifted its floating rate by 30 basis points to 6.29% and lifted its six-month rate by 25 basis points to 6.35%It cut its two-year rate by 10 basis points to 6.85%, cut its three-year rate by 5 basis points to 7.2%, cut its four-year rate by 10 basis points to 7.5% and cut its five-year rate by 5 basis points to 7.75%.
A surprisingly large rise in the unemployment rate in the June quarter, published last week, put pressure on the Reserve Bank to stop hiking interest rates.
Many economists believe the central bank will hike the official cash rate once more at its next policy review on September 16, then pause.
Some question that scenario and predict the monetary policy tightening from historic lows begun in June is now on hold.
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