Mortgage rates could hit 9pc before end of the year

Monday 13 September 2004

Floating mortgage rates could be close to 9 per cent before the end of the year, despite the Reserve Bank picking that the pace of economic growth is now slowing down.

By The Landlord

Reserve Bank Governor Alan Bollard today revealed his fifth interest rate rise this year, lifting the Official Cash Rate (OCR) from 6 per cent to 6.25 per cent.

The rise was widely expected especially after Finance Minister Michael Cullen all but confirmed the move in a parliamentary gaffe yesterday.

Dr Bollard warned a number of times in today's September Monetary Policy Statement (MPS) that more hikes were on the cards, on top of the 125 basis points tightening in the year to date.

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