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Westpac has hiked its one year mortgage rate by 21 basis points (0.21%) to 6.2%. This follows its move earlier in the week when it raised its six month and two year mortgage rates. Westpac left its variable mortgage rates, and three, four and five year fixed rates unchanged. (Update 1 includes TSB mortgage rate changes.)

See and compare all mortgage rates here.

Westpac’s latest rate hike also follows Kiwibank’s move to raise its one year, 18 month and two year mortgage rates.

Fixed mortgage rates have been rising in recent weeks on market expectations of a higher Official Cash Rate next year, which are feeding through into higher wholesale ’swaps’ rate. Meanwhile variable rates have remained static and are likely to remain so into mid 2010 when the Reserve Bank is expected to raise the OCR.

Meanwhile, TSB announced hikes to its one and two year mortgage rates. TSB raised its one year rate by 30 bps to 6.2% and its two year rate by 25 bps to 7.15%.

Tags: Intererst Rates, Mortgage rates, OCR, TSB, Westpac

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• Westpac hikes 6 mth, 2 yr mortgage rates; leaves variable unchanged
• BNZ, TSB hike six month mortgage rates ahead of RBNZ OCR decision
• SBS, CBS Canterbury hike fixed mortgage rates
• Mortgage rate hikes: ‘Don’t wait to see the whites of Alan’s eyes,’ Westpac says
• Kiwibank joins the movement, hikes fixed mortgage rates
• BNZ, SBS hike fixed mortgage rates (Update 1)
• AMP cuts variable mortgage rate, hikes longer fixed rates

This entry was posted on Thursday, December 17th, 2009 at 10:06 am and is filed under Mortgage rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.