Changes to a number of home loan rates have been made by Kiwibank, including ending the short-term “special” four-year fixed rate.
The two-year fixed rate has been reduced from 5.89% per annum to 5.79% per annum, with the three-year rate being reduced from 6.39% to 6.10% per annum.
The four-year special of 5.99% per annum finishes as of February 3 where the rate becomes a regular carded rate of 6.50% per annum, with the five-year rate being reduced from 7.19% to 6.90% per annum.
These changes will be effective Friday, February 3.
Comments and questions
http://demonocracy.info/infographics/eu/debt_piigs/debt_piigs.html
What a mess
I think I'll buy a house in the USA where house prices are more affordable and I can get a mortgage at 4.0% fixed for 30 years! It is almost like free money. When the inflation rate here hits 10% and mortgages are 15% house prices will tank as no one will be able to afford a mortgage and the market will be flooded.
Banks have too much skin in the game for interest rates to rise significantly.
Mortgage Interest rates are controlled by peoples ability to pay, rather than the other way round.
Until the majority of mortgage holders improve their equity to debt ratios, and with no wage growth this could be some time away, banks can not afford mortgagee sales on mass.
The lines their media spin doctors come up with are nothing but lies. Most people can how work this out for themselves.
I don't know if Fannie really cares; it's the largest mortgage purchaser in the world, and if Bank of America turns to Freddie Mac instead.
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