A review of things you need to know before you go home on Monday; mortgage rates fall, housing markets active, food costs less, China trade lower, interest rates rise

Here are the key things you need to know before you leave work today.

TODAY'S MORTGAGE RATE CHANGES
Two important changes today. Firstly, SBS Bank set a new market low rate of 4.85% for their 18 month 'special'. And then Westpac chose 4.89% for their two year 'special', a rate that their main rivals are using for a one year term, including Kiwibank who got there on Saturday.

TODAY'S DEPOSIT RATE CHANGES
Heartland Bank, and Kookmin Bank both reduced term deposit rates today.

ACTIVE HOUSING MARKETS
The median house price fell nationally to $450,000 in June from $460,000 in May according today's data release by REINZ. As has been well reported elsewhere, the situation is quite different in Auckland which is on a price bender, rising and unsustainable +25.8% in the same period to a median of $755,000. Nationally and excluding the Queen City, the volume of June house sales were at their highest level since 2007; for Auckland since 2006.

FOOD COSTS LESS
In the year to June 2015, food prices decreased -0.1%, Statistics New Zealand said today. This drop follows eight consecutive food price increases since the year to October 2014. Grocery food prices decreased -2.1% over the year, influenced by lower prices for fresh milk and bread. Prices for meat, poultry, and fish also decreased – down -1.9% from June 2014. Today's data confirms our own grocery price tracking.

CHINA TRADE LOWER
China's June trade balance was lower than expected. Exports rose in June after falling in May and the rise was a bit more than analysts anticipated. Imports fell -6% from May, but far less than was expected. (In May they fell -17%.) There is a much lower link between equity markets and the economy in China than elsewhere.

WHOLESALE RATES STEEPEN
NZ swap rates rose by about +2 bps across the curve today. The 90 day bank bill rate also rose and was up +1 bp to 3.18%.

NZ DOLLAR FLAT
The NZ dollar has meandered today. It is at 67.4 USc, at 90.5 AUc, and 60.6 euro cents. The TWI is still at 71.7. Check our real-time charts here. There was talk into the night between the EU and Greece and signs of compromise

You can now see an animation of this chart. Click on it, or click here.