Home Loan Rate Report: Mortgage rate pressures are coming down

  • The Reserve Bank of New Zealand (RBNZ) lifted the Official Cash Rate (OCR) to 5.5% in May and signalled it had most likely done enough to contain inflation
  • The questions since then have changed from “will rates go higher”, through to when will rates (both the OCR and mortgages) start to come down
  • To cut to the chase, we now think the OCR will get cut in the second half of next year, rather than early 2025, as we had been forecasting, and the RBNZ had been indicating

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Chris Tennent-Brown

ASB Wealth Senior Economist

Chris has worked as an economist for ASB and Commonwealth Bank of Australia in Sydney since 2005. His work has involved monitoring and forecasting trends in the New Zealand economy, with a focus on drawing implications for financial markets and investments. Chris is passionate about savings issues, and much of his current work is focussed on broadening peoples understanding of investments. Chris obtained a Bachelor of Commerce at Auckland University, majoring in Economics, and prior to joining ASB worked in the funds management industry for Bankers Trust and BT Funds Management. With over 20 years' experience in finance, Chris has also spent several years farming, and was a New Zealand representative cyclist. When not at work, Chris likes to travel, cycle, and spend time with his family and numerous pets.

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