A review of things you need to know before you go home on Friday; new home loan special, higher UDC rate, more switching, less social housing, swap rates up, NZD up

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

TODAY'S MORTGAGE RATE CHANGES
TSB Bank has launched a 4.25% two year fixed 'special', which makes it the lowest for that term from any bank. Also, Kiwibank is pulling back on its Christchurch new-build discounted rates. You may still be able to get some but the offer is now on a case-by-case basis.

TODAY'S DEPOSIT RATE CHANGES
UDC has launched a new 9 month term deposit rate of 3.65%.

COMPETITIVE SWITCHING
Last year saw the highest number of people switch electricity retailers since 2011. In 2015, 419,000 consumers switched providers, compared to 388,000 in 2011 when the ‘What’s My Number’ campaign began. This resulted in potential savings of more than $24 mln last year. More than 1.8 mln consumers have now switched providers since 2011, with total savings of $207 mln. The providers dangle 'fixed 2 year contracts' as a way to avoid 'price rises' - but it is clear price rises aren't needed if those contracts don't provide any. A questionable marketing ploy by the industry to hold on to potential switchers.

CHINESE SENTIMENT 'MODERATES'
Following a pickup in conditions towards the end of 2015, business sentiment among China’s largest companies pulled back marginally at the beginning of 2016, according to the latest MNI China Business Sentiment Survey. The MNI China Business Sentiment Indicator, a gauge of current business confidence slipped to 52.3 in January from 52.7 in December. While confidence remained in expansionary territory for the second consecutive month, it was the first month-to-month decline in sentiment since November. Firms also revised down their expectations for the future, with the Future Expectations Indicator down 0.9% to 52.6 in January.

DECLINING DEMAND ?
As at December 2015, the Social Housing Register shows a decrease of 345 from the December 2014 Register to 4,619 applicants. Of this, 1,143 are already housed and are seeking to transfer to a different property. The December 2015 quarter also saw 1,760 new tenancies started, the most of any 2015 quarter. In the year 47 tenants purchased their own homes, most for the first time. 

HOT DEMAND
Rural property ended 2015 on a high according to data released today by the REINZ. 239 farm properties changed hands in December. However dairy farm prices were down -10.8%. Sales of lifestyle properties boomed in 2015 however, with 750 properties selling, the second highest level of any month since March 2007.

A COOL RESULT
While the meat industry may be in a downturn in terms of exports, the consumer demand for chilled meat remains firm. For the first quarter of the 2015/16 season the value of chilled lamb exports increased by +4.5% in value compared with quarter one 2014/15. The value of frozen lamb meanwhile dropped -8.5% over the same period.

JUST FYI
Monday is a holiday in Wellington - but all financial markets will be open as normal.

WHOLESALE RATES UP AGAIN
Following yesterday's bounce, we have seen another again today. Rates are +2 and +3 bps higher today. The 90 day bank bill rate is unchanged at 2.72%.

NZ DOLLAR UP TOO
The New Zealand dollar has also risen today, and quite a bit from this time yesterday. It is now up to 65.2 USc, at 93.3 AUc, and at 60.1 euro cents. The TWI-5 is now back up to 70.9. Check our real-time charts here.

BACK NORMAL
A few degrees of angle and we got some reasonable rains, enough to put our soil moisture levels back at 25-year normal levels for this time of year. They are certainly no where near as dry as this time last year.

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