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Interest Rates Rising This Year | Auckland News
Interest rates are poised to climb again this year, fueled by global turmoil, soaring oil prices, and inflation hitting a two-year high of 4.1%. While mortgage costs may rise modestly—possibly half a percentage point on fixed rates—banks might not pass on all increases due to competitive pressure. A $700K mortgage could see a $290 monthly bump, a manageable but noticeable hit. Floating rates could hit 6.4% by year-end, with one-year fixed rates nudging into the low 5%s. The Reserve Bank aims to cut the cash rate to 3% by early next year. Experts advise locking in a two-year fixed rate for…
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