BNZ has followed ASB and raised its fixed three year 'special' mortgage rate to 4.59%.
This is a rise of +10 bps.
It did not change any other rate, including no change to its standard rates.
It follows continuing rises in wholesale swap rates, especially for terms of 3 years and longer.
In fact, after bottoming out at 1.96% on August 16, swap rates for a 3 year duration have risen by +39 bps to today's level of 2.35%.
Also impacting bank funding is the sticky level of term deposit rates, which had not fallen like the wholesale markets.
On Friday, ASB raise most rates for fixed terms of threes years and longer.
One or two other banks have still to review their long-term mortgage rates and the scene is well set for them to hike as well in the coming days.
A snapshot from the key retail banks is:
|below 80% LVR||6 mths||1 yr||18 mth||2 yrs||3 yrs||5 yrs|
In addition, BNZ has a fixed seven year rate of 5.55%, while TSB Bank offers a fixed ten year rate at 5.75%.