Westpac, ANZ and National have cut their two year mortgage rates for a second time.
They are moving to catch up with a larger move last week by Kiwibank in the wake of the Reserve Bank's surprisingly downbeat statement about the economy and the future path of the Official Cash Rate..
Longer term wholesale interest rates, which are the basis for fixed mortgage rates, have fallen further in the last two weeks on financial market expectations of a slowing global and local economy.
Westpac cut its two year fixed mortgage rate by 10 basis points to 6.75%, while ANZ cut its 2 year rate by 6 basis points to 6.79% and National cut its 2 year rate by 10 basis points to 6.75%.
ANZ cut its 30 month special rate by 10 basis points to 6.89%.
Kiwibank cut its 2 year rate last week by 30 basis points to 6.69% when most of the other banks cut their 2 year rates by 20 basis points.
ANZ, National and Westpac appear to have moved for a second time to catch up.
ASB's two year rate remains at 6.85%.
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