OCR unchanged at 2.5 percent

The Official Cash Rate was left unchanged this morning.

The Reserve Bank Governor Alan Bollard noted that they continue to monitor the Euro area “situation carefully given the potential for rapid change.”

Last Friday ASB withdrew its home loan 5 year fixed interest rate special of 5.99% which was highlighted in the previous post. It was replaced with an advertised rate of 6.50%.

Although with the 5 year swap rate having trembled down to 3.05% this week, it would be worth having a crack at getting that 5.99% if you were comfortable with such a long term fix.