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Mortgage rate competition heats up, expected to drop below 5% by Christmas

Interest rates news 2024

New Zealand’s banks are entering a competitive “war” over home loan rates, with mortgage brokers predicting that rates could drop below 5% before Christmas.

ANZ’s secret 5.65% rate and TSB’s advertised 5.99% have set the stage for further reductions, with rates already falling from over 7% last November to around 5.8% in September.

As competition intensifies, experts believe that one-year and three-year fixed rates could drop further. However, the drop in mortgage rates has also led to a decrease in savings and term deposit rates, reflecting the shifting economic environment.

Image credit: Picas Joe

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1 COMMENT

  1. Mortgage rates- down!
    House prices-UP
    Result- indefinite housing UN-affordability!
    Special sales and mortgage rates will probably be applied for the :15 Minute City human dog kennels posing as 80 square meter ‘Smart Homes’… attached to each other with high Council Rates irregardless of the size of the dog kennel itself…

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