CBS Canterbury raises fixed mortgage rates, including 6 month

Building society CBS Canterbury has raised its fixed mortgage rates, including its six month month rate, by between 10 and 40 basis points (bps).

CBS Canterbury raised its six month and one year rates both by 10 bps to 6.09%; its two year rate by 39 bps to 6.99%; three year by 34 bps to 7.79%; and five year by 40 bps to 8.7%. CBS left its variable mortgage rate at 6.45%, the same rate as ANZ National but above the other major banks and in line with most other building societies. Napier Building Society offers a 6% variable rate. See and compare all mortgage rates here.

While longer term fixed mortgage rates have been rising in recent weeks, variable and shorter term fixed rates have remained static or have been falling. Just over a week ago, Southern Cross Building Society lowered its six month rate by 29 bps to 5.2%, although on that same day ASB subsidiary Sovereign raised its six month rate by 5 bps as it increased its margins over ASB's rates.

Click here to see a recent debate on interest.co.nz on whether borrowers should fix or float.