Home Loan Rate Report: OCR up, mortgage rates down?

  • Mortgage rates have been rising over the past year and a half, consistent with the Reserve Bank of New Zealand (RBNZ) progressively hiking the Official Cash Rate (OCR) since October 2021
  • Yet in the month that followed the  RBNZ’s February 2023 rate hike we have seen floating rates largely remain steady, and some fixed rates have been trimmed
  • Concerns about slower economic growth over the years ahead, and a belief that inflation will eventually be tamed, have weighed on longer term interest rates this year

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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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