The Big Mortgage News! - Interest Rate Update April 2022
Everything Mortgage
English - May 02, 2022 12:00 - 6 minutes - 4.76 MBInvesting Business Education mortgage first home new zealand investment property buying a home interest rates deposit Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
Mortgage Lab CEO Rupert Gough shares what's been happening in mortgages throughout April 2022, giving you everything you need to know about the mortgage market.
The big news this month was, of course, the OCR announcement when Reserve Bank Governor Adrian Orr announced a 0.5% or 50 basis point increase to the official cash rate. This was the biggest OCR increase in 22 years on the back of massive inflation of 6.9% well above their target inflation rate of 2%.
Not since 17th May 2000 has the Reserve Bank increased the Official Cash Rate by 50 basis points when the then Reserve Bank Governor and future leader of the National Party Don Brash raised NZ’s OCR to 6.5% because of an inflation rate of 5.8%. That’s right, it’s been so long since we had a 50 basis point jump on the OCR that, at the time, you would have heard about it on your monochrome screen Nokia 3210...
You can watch a video on the same subject here: https://youtu.be/HpGbw-zbgJM
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