Home loan rates in holding pattern

Conversely rates are unlikely to fall based on comments made by the Reserve Bank on May 4.

We have continued to see some softening in longer term rates with a number of providers lowering their four and five year rates in the past week.

Those to lower rates include Bank of New Zealand, HSBC, Loan Plan, Pacific Home Loans and Superbank. Superbank also lowered its six month and three year rates, while Pacific dropped all its fixed rates.

The most significant change last week was that there was only one increase - that was from the National Bank which put its one-year rate up to 7.80%.

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