Fixed mortgage interest rates continued to firm in the 30 days to July 10, while floating mortgage interest rates have stabilised, still ranging between 6.84 and 8.00%, according to the Real Estate Institute of New Zealand.
Institute national president Rex Hadley, says that in the month to July 10, the majority of the institutions surveyed had raised their longer term rates. (for a full rates table click here)
"Fixed rates have firmed month by month since May. Having firmed by between 0.25 and 0.40% in the month to June 10, fixed rates again raised by between 0.05 to 0.39% across the board in the latest period."
One year fixed rates range between 6.69 and 7.20%, compared with 6.65 to 7.10% a month ago. Two year rates range between 7.20 and 7.70% compared to 7.20 and 7.60% last month and three year fixed rates have increased from a range of 7.30 to 7.90% to a range of 7.50 to 8.05%. Four and five year rates range between 7.85 to 8.35%, up from the 7.80 and 8.20% recorded in the month to June 10.
