Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
Housing Corp NZ today reduced its fixed mortgage rates. Their one year fixed rate went down from 5.70% to 5.69% (I kid you not), their two year rate reduced from 5.99% to 5.70% and their three year rate wend down from 6.29% to 5.99%.
TODAY'S DEPOSIT RATE CHANGES
There were no changes announced today.
NEW RECORD HOUSE PRICES IN MARCH
House price records fell like flies in March, as REINZ reported the highest number of sales since 2007. The Auckland median price was up +13% year-on-year, Hamilton was up +7%, Tauranga was up +11%, Wellington was up +8%, Christchurch was up +5%, and Dunedin was unchanged.
CREDIT FUELED
Aussie data out today for February showed that lending for house buying was +9% higher than the same month a year earlier. Revolving credit lending is up +10.8% over the same period.
SOLID GROWTH, NO INFLATION
Business confidence pulled back slightly in early 2015, as did expectations for the coming three months. Nevertheless, today's business sentiment survey continues to point to solid growth through early 2015 says Westpac's Satish Ranchhod. Businesses' pricing intentions have continued to decline from already low levels. While Westpac expect's low inflation over the coming quarters, firm demand in this NZIER survey bodes well for an eventual - albeit gradual - lift in underlying inflation. Separately, Westpac today estimated that the Consumer Price Index fell by -0.3% over the March quarter, taking the annual inflation rate down to +0.2%.
2015 BUDGET GUIDANCE
John Key said today that Budget 2015 will include NZ$80 mln of new private sector R&D funding and an extra NZ$244 mln in 7 new schools and 241 new classrooms.
WHOLESALE RATES
Wholesale swap rates fell by -1 bps across the whole curve. And the 90 day bank bill rate also fell back -1 bps to 3.63%.
NZ DOLLAR HOLDING
The NZ dollar was sloughed off the China trade data yesterday and level-pegged today. As of late this afternoon it is at 74.7 USc, still at 98.2 AUc, and the TWI is at 80.3. Check our real-time charts here.
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Daily exchange rates
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2 Comments
3 year mortgage money hit 3.99% in Australia today
http://www.mortgagezone.com.au/promotion/3-99-p-a-for-1-year-fixed-rate-by-heritage-bank
http://www.yourmortgage.com.au/article/firstmac-launches-3-99-introduct…
Meanwhile yet another "petro" currency feels the pinch, http://money.cnn.com/2015/04/13/investing/canada-economy-trouble-low-oi…
So the list of countries who lived beyond their means on oil revenue just gets longer and longer. As the saying goes a tank of petrol might be cheap but with no job you cant afford it anyway. Indeed a black curse.
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