Competition keeps mortgages lower

Mortgage rates are going up, but competition is keeping a lid on the size of your repayments.

The Blue Chip Corporation survey shows most floating rates are up a quarter of a percent in the last month.

Both BNZ and the National Bank are holding one year fixed rates at 7.7percent.

The other majors are charging between 7.8 and eight percent.

Blue Chip General Manager Jonathan Woodhams says it shows competition is getting stiffer, with banks competing amongst themselves for market share, regardless of the Reserve Bank rates.

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