Here are the key things you need to know before you leave work today.
RUSH TO FIX
The rush is well and truly on to fix mortgages, with now almost 63.5% on fixed terms as at the end of March, compared with 60.8% at the end of February. Floating rate mortgages fell about $5 billion in one month. These are huge movements.
TSB RAISES MORTGAGE RATES
TSB Bank hiked their variable rate today by +0.25% and most of their other fixed rates - except their two year fixed rate which they dropped when they announced a 'special'.
RABODIRECT RAISES SAVINGS AND TD RATES
Finally, one other bank has moved up savings and term deposit rates. RaboDirect raised its bonus saver rates by +0.25% and term deposit rates for terms 1 year and less by about 20 bps. FEI, a small finance company, also moved one rate down, their 18 month td offer.
HOUSEHOLDS FLUSH
Household deposits grew by $9.9 billion in the year to March according to data released by the RBNZ today. Housing borrowing rose by $10.2 billion. Since October 2010 NZ$ household deposits have been growing more in $ terms than housing credit on an annualised basis. In March 2014 that annual figure slipped into the red again.
BUILDING CONSENTS GROW
New building permits for houses in March were at their highest level since 2007, driven by Christchurch activity. The Auckland data was relatively uninspiring.
BUSINESS CONFIDENCE HIGH
Business sentiment remains close to two-decade highs, with the slight slippage in the April survey probably down to seasonal patterns more than anything else.
DORCHESTER BULLISH
In an echo, listed finance company Dorchester is signaling is profit will be a third higher than previously advised. They now see an $8 million result, and that is before anything from their acquisition of Oxford Finance..
90 BILL RATES RISE
Swap rates made back yesterdays 1 bps fall with a 1 bp rise today. The 90 day bank bill rate resumed its upward climb ending up 3 bps and now at 3.33%.
OUR CURRENCY
The NZ dollar went sideways again today with virtually no reaction to yesterday's the big trade surplus. The NZD is now at 85.5 USc and 92.3 AUc. The TWI is at 79.7.
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