Floating mortgage rates rose an average of 50 percentage points over the 30 days to April 10, with most lenders' floating rates now at 8.10 per cent.
The latest monthly mortgage survey by the Real Estate Institute noted that:
- Floating rates now range between 7.35 and 8.10 per cent, moving upward again after a period of relative stability.
- One- year rates also increased, ranging between 7.80 and 8.30 per cent. That compared with a 7.70-8.15 per cent range a month ago.
- The other, longer term fixed rates were fine tuned, with three to five year rates either unchanged or lower by 0.10 to 0.20 per cent.
Institute president Max Oliver said the pattern seen in March had continued "as both banks and lending institutions continue to raise the shorter term rates on offer in order to present longer term interest rate agreements as the more desirable option".
Click here for our rates table
