Home Loan Rate Report: Upward pressure on fixed term rates returns

  • The Reserve Bank of New Zealand (RBNZ) lifted the Official Cash Rate (OCR) to 5.5% in May and signalled it has most likely done enough to contain inflation
  • The RBNZ has held the OCR at its subsequent meetings
  • ASB economists now see the current 5.5% OCR level as the peak for this cycle, but upward pressure on fixed-term mortgage rates has returned, as longer-term interest rates (including government bonds and bank term deposits) lift

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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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