Westpac has this morning raised its one and two year, and 18 month fixed mortgage rates, but lowered its one year capped mortgage rate. The move follows ANZ and National Bank's wide range of mortgage rate changes yesterday afternoon. Westpac raised its standard one year mortgage rate by 10 basis points (bps) to 5.59%; its 18 month rate by 20 bps to 6.29%; and two year by 24 bps to 6.79%. It lowered its 'Capped' one year mortgage rate by 20 bps to 6.29%. See and compare all of the new mortgage rates here. Fixed term mortgage rates, barring six month rates, have been rising in recent weeks as wholesale rates push up and demand to fix increases. Meanwhile, variable and six month rates have been static or falling. SBS Bank also raised its two year mortgage rate by 15 bps to 6.75%, and its three year rate by 20 bps to 7.75%. TSB also raised its two and three year mortgage rates on Monday.
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