PHOTO: KIRK HARGREAVES Mortgage rates could fall a bit further – bit how much?
Mortgage interest rates may yet fall a bit further but New Zealanders are unlikely to ever pay the 1 per cent or 2 per cent rates seen in other countries.
British home loan borrowers are still able to fix two-year rates of between 1.4 per cent and 1.9 per cent. Even 10-year rates are available at 2.5 per cent.
But even as economists predict the New Zealand official cash rate could drop below 1 per cent this year, they say that those who are borrowing money from the bank should not expect to see anything like rates of that sort here.
At the time of writing, a typical two-year home loan special from the main banks was 3.79 per cent.
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