In reaction to the sharp rise overnight in international benchmark bond yields, our financial markets have opened Friday with their own matching reaction.
It seems likely that swap rates will close the day sharply higher.
We are tracking NZ Government bond yields and these show sharp increases.
The one year NZGB is up 8 basis points so far on Friday, now up to 3.23%.
The two year NZGB is up 20 bps, now at 3.92%.
The last time the two year swap rate was at 3.92% was in October 2024.
At that time the two year fixed home loan rate was 5.69%. Currently, it is 5.45%.
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