Key Takeaways
- No changes in mortgage rates have been reported, with fixed rate cuts unlikely in the near future.
- Term deposit and savings rates have been reduced by several banks, including Rabobank and Heretaunga Building Society.
- The Auckland housing market has seen an improvement in November, with average and median selling prices rising, but stock levels are at 15-year highs.
- The summer housing market is expected to be a buyers’ market, with listing numbers at an 11-year high and average asking prices declining.
- The NZX50 index has seen a modest daily rise, with the overall index up 0.3% as of 3pm on Tuesday.
Introduction to Market Updates
The market has seen a mix of activity and changes in various sectors, including mortgage rates, term deposits, and the housing market. In this article, we will delve into the details of these changes and provide an overview of the current market trends. The lack of changes in mortgage rates is a significant development, and the reduction in term deposit and savings rates by several banks is also worth noting. Furthermore, the improvement in the Auckland housing market, despite the rise in stock levels, is a key point of interest.
Mortgage Rate Changes
No changes have been reported in mortgage rates, and the swap rate chart suggests that fixed rate cuts are unlikely in the near future. The current rates can be found on our website, and our new calculator can help compare mortgage offers, taking into account other costs and cashback incentives. This tool is a valuable resource for those looking to navigate the mortgage market. For instance, it can help individuals determine the best mortgage option for their needs, considering factors such as interest rates, fees, and repayment terms. By using this calculator, individuals can make informed decisions and avoid costly mistakes.
Term Deposit and Savings Rate Changes
Rabobank and Heretaunga Building Society have reduced their rate cards for both savings and term deposits. Xceda has also cut its term deposit rates, with none now offering 4% or more. Southern Cross Partners has reduced its 1 and 2-year rates by 25 basis points. The updated term deposit rates can be found on our website, with rates less than 1 year listed separately from those between 1-5 years. These changes highlight the importance of regularly reviewing and comparing term deposit and savings rates to ensure the best returns on investments.
Housing Market Trends
The Auckland housing market has seen an improvement in November, with Barfoots reporting a rise in average and median selling prices. However, stock levels have also risen and are now at 15-year highs. Realestate.co.nz has confirmed that the stock of homes for sale is on the rise, with listing numbers at an 11-year high. As a result, the summer housing market is expected to be a buyers’ market, with average asking prices declining. This shift in the market is likely to have significant implications for buyers and sellers, and it is essential to stay informed about the latest developments.
Retail and Equities
Black Friday, November 28, was the busiest shopping day so far this year for non-food retailers, according to Worldline. However, spending on the day itself was below last year. The NZX50 index has seen a modest daily rise, with the overall index up 0.3% as of 3pm on Tuesday. The ASX200 is up 0.2% in afternoon trade, while Tokyo is up 0.6% in its opening trade. These fluctuations in the retail and equities markets are a reminder of the constant changes and uncertainties that investors face.
Commodity and Currency Updates
Wholesale swap rates are likely higher again, with the 90-day bank bill rate up 1 basis point at 2.46% on Monday. The Australian 10-year bond yield is up 7 basis points at 4.62%, while the NZ Government 10-year bond rate is up 8 basis points at 4.50%. The oil price in the US is little-changed at just under US$59.50/bbl, and the international Brent price is still at just over US$63/bbl. The Kiwi dollar is down 10 basis points from this time yesterday, now just under 57.3 USc. These changes in commodity and currency markets can have significant effects on trade and investment, making it crucial to stay up-to-date with the latest developments.
Other Market News
The carbon price has stalled at a low $40/NZU, with no trades reported today. The next official carbon auction is tomorrow and is likely heading for another failure. The gold price is down US$25/oz from yesterday, now at US$4216/oz, and the bitcoin price is down 0.8% from this morning. These fluctuations in the carbon, gold, and bitcoin markets are a reminder of the volatility and unpredictability of these markets.
Conclusion and Future Outlook
In conclusion, the market has seen a mix of activity and changes in various sectors, including mortgage rates, term deposits, and the housing market. The lack of changes in mortgage rates, the reduction in term deposit and savings rates, and the improvement in the Auckland housing market are all significant developments. As we look to the future, it is essential to stay informed about the latest market trends and developments. The summer housing market is expected to be a buyers’ market, and the fluctuations in commodity and currency markets will continue to impact trade and investment. By staying up-to-date with the latest news and developments, individuals can make informed decisions and navigate the complex and ever-changing market landscape.