A review of things you need to know before you go home on Thursday; RBNZ cuts rates, followed by 4 banks, house prices rise, Aussie jobless falls, swap rates drop, the NZD falls

Here are the key things you need to know before you leave work today.

TODAY'S MORTGAGE RATE CHANGES
Four banks announced 25 bps cuts to floating rates - ANZ, Kiwibank, ASB and Co-operative Bank - and the others will no doubt follow soon. These changes are effective immediately fro new clients, but existing clients will need to wait a while, mainly because banks are obligated to give notice of changes.

TODAY'S DEPOSIT RATE CHANGES
There were no changes here today.

A RATE CUT
The only thing you really need to know today is that the RBNZ cut its OCR today from 3.50% to 3.25%. It also signaled that another cut is possible. Markets reacted with a lower currency, but only back to where it was on June 6 which will no doubt disappoint Governor Wheeler. Interest rate swaps also fell, but less than the OCR cut.

QUEEN CITY ON FIRE
REINZ says national median house price was up 1.1% month-on-month in May, in Auckland up 4%, or a $29,000 rise.

A SURPRISE FALL
Australia's jobless rate unexpectedly fell in May as the economy absorbed an extra 42,000 workers.Their unemployment rate is now 6.0%. This had an effect on the AUD, pushing it up. But it is worth remembering that Aussie labour force data has been unreliable in the past.

NELSON GETS ITS OWN ACCORD
A Nelson Housing Accord aimed at improving the supply and affordability of housing in the district has been signed today by Building and Housing Minister Dr Nick Smith and Mayor Rachel Reese.

CHANGES AT THE FMA TOP TABLE
Financial Markets Authority CEO Rob Everett has announced changes to his executive team. Liam Mason, general counsel and director of governance, policy and strategy, becomes director of regulation. This sees Mason take on the responsibilities held by director of compliance Elaine Campbell who left the FMA in May. Head of markets oversight Garth Stanish becomes director of markets oversight, which is a new role. This includes oversight of NZX, crowd-funding, peer-to-peer lending platforms and frontline supervisors. Other changes see director of market engagement John Botica become chief operating officer, and Diana Christensen has been appointed director of people and capability.

WHOLESALE RATES FALL
Interest rate swaps sunk sharply after the RBNZ rate cut announcement. They also steepened. The 2 year swap rate fell by -14 bps, the 5 year by -10 bps, and the 10 year swap is lower by only -4 bps. The 90 day bank bill rate fell by -17 bps to 3.29%.

NZ DOLLAR FALLS TOO
Our currency value also dropped on the RBNZ decision. is now at 70.2 USc, 93.1 AUc a huge -2.6c fall which gathered pace after the Aussie jobs results, 62.2 euro cents, and the TWI-5 is at 73.6. Check our real-time charts here.

You can now see an animation of this chart. Click on it, or click here.