5 year Fixed Swap Rates Fall

Highlighting a bout of volitility in financial markets over Russia and Oil price woe’s our 5 year swap rate has settled at 3.96% today.

This is down from 4.27% on the 2nd of November and 4.52% a year prior.

Negotiate hard with your bank if seeking the certainty of a 5 year fixed interest rate as there is plenty of margin in it.  5 years fixed under 6% is available.

OCR unchanged at 3.5 percent

The Reserve Bank today left the Official Cash Rate unchanged at 3.5 percent.

The Governor noted..”it is prudent to undertake a period of monitoring and assessment before considering further policy adjustment. Nevertheless, we expect some further policy tightening will be necessary to keep future average inflation near the 2 percent target mid-point and ensure that the economic expansion can be sustained.”

Indicating that they may well be on hold for a while yet but with a bias to the upside depending on how the data falls.

At Auction yesterday a tussle between 3 bidders over a 5 bedroom home @ 4 Pamela Place, New Lynn saw it sold under the hammer @ $816,000.