Mortgage rates are forecast to bottom out around June 2009. Short term rates could get as low as 5.50% with longer-term rates getting down to around 6.00%-6.50%. In my opinion that means taking a six month fixed rate now at 6.50%-6.90% is the best option. In six months you can then look to split your mortgage into multiple fixed rates and spread them over 3-5 year fixed terms
27 Oct
2008
2008
Mortgage Rates on the way Down
Filed under: Housing Market, Interest Rates, Mortgages, NZ Economy
Last week the Reserve Bank dropped the Official Cash Rate by 1.00% to 6.50% and immediately banks decreased their mortgage rates. The best rates out there today amongst the major banks are 7.95% for six months and 7.90% for 1 Year (forget anything past 1 Year). What excites us is to finally see a bit
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