Westpac is the next major to raise fixed mortgage rates, taking them to mid-pack. They also raised most term deposit rates by about the same amount. But wholesale echoes grow louder from eastern Europe

The next major bank to raise carded fixed home loan rates is Westpac, and they have upped their rates across the board.

Their 12 and 18 month fixed rates are up +10 bps each, their three and four year rates are up +20 bps, and their five year rate is up +14 bps.

These increases take Westpac to the mid of all their main rivals in the mortgage market.

But what is interesting about this is that it leaves BNZ with the most competitive rate card at present. That may not last of course, but at this time, among the big players BNZ has the lowest fixed rate in six of the seven fixed terms on offer, only not so for one year fixed.

Today, wholesale swap rates essentially held at their higher levels, even as risk aversion bit into global interest rate markets. But the main risk-off reactions so far have been at the long end. However, the recent run up in swap rates is all up for grabs as the Ukraine situation gets increasingly brutal. Sanctions create a dire situation for Russia, but their echo is being felt in local wholesale rates with a smallish retreat at the 10yr level, and growing questions about future RBNZ policy rate impetus (not to mention RBA's views).

We should also note that Westpac added +10 bps to most of its term deposit rate offers for terms of two years or less. It raised its nine month rate by +20 bps to 2.00% and matching most of their main rivals.

One useful way to make sense of these changed home loan rates is to use our full-function mortgage calculator which is also below. (Term deposit rates can be assessed using this calculator).

And if you already have a fixed term mortgage that is not up for renewal at this time, our break fee calculator may help you assess your options. But break fees should be minimal in a rising market.

Here is the updated snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment.

Fixed, below 80% LVR	6 mths	1 yr	18 mth	2 yrs	3 yrs	4 yrs	5 yrs
as at March 2, 2022	%	%	%	%	%	%	%
ANZ	4.10	3.85	4.25	4.35	4.75	5.65	5.85
	4.19	3.79	4.25	4.35	4.89	5.05	5.25
	4.09	3.85	4.19	4.35	4.65	4.89	4.99
	4.19	3.85		4.49	4.79	4.99	5.15
	4.19	3.79 +0.10	4.19 +0.10	4.35	4.89 +0.20	4.99 +0.20	5.09 +0.14
Bank of China	3.85	3.65	3.95	4.15	4.45	4.85	5.05
China Construction Bank	3.85	3.85	4.09	4.35	4.65	4.95	5.05
Co-operative Bank [*=FHB]	3.59	3.59*	4.19	4.35	4.75	4.99	5.09
Heartland Bank		3.25		3.79	4.15
HSBC	3.94	3.49	3.94	4.15	4.54	4.74	4.99
ICBC	3.65	3.49	3.85	4.05	4.55	4.75	4.95
	3.79	3.55	3.95	4.10	4.55	4.74	4.95
	3.60	3.60	3.90	4.15	4.35	4.74	4.90