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SBS raises 5 year mortgage rate to 7.85%

Posted in News May 29, 2009 - 09:50am, Alex Tarrant

SBS raised its five year mortgage rate this morning by 25 basis points (bps) to 7.85%. This follows similar moves by ANZ and National yesterday, who raised three, four and five year mortgage rates by as much as 35 bps.

The US government is now borrowing US$100 billion per week, which is pushing up long term rates internationally. Over the last month, NZ five year swap rates have risen 36 bps to 5.10%, while five year government bond yields have climbed 44 bps to 4.77%. The Budget released yesterday forecast government bond issues here of as much as NZ$200 million a week for the next ten years, potentially pushing up interest rates here too.

See our mortgage rates table here.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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by janet | 29 May 09, 11:51am

Can't be long till somebank

Can't be long till somebank cracks the 5% barrier for <12mth money!

by Sam | 29 May 09, 2:57pm

Heelllloooo out there..... Where are

Heelllloooo out there.....

Where are all the real estate spruikers to claim that this won't affect the green shoots, that we are seeing a recovery, that we had better get in quick now while there are bargains. Very very quiet....

by Andrewj | 29 May 09, 3:00pm

sorry posted this in the

sorry posted this in the wrong place this morning,looks better here

http://www.fieldcheckgroup.com/2009/05/28/5-28-potential-consequences-of...

by Wally | 29 May 09, 3:01pm

Sam, they're all down in

Sam, they're all down in Qtown having seminars on how to revive a property corpse.