Mortgage enquiries sink as war drags on and interest rates rise

Mortgage advisers say after the huge uptick in business at the end of last year when banks were offering a 1.5% cashback on new mortgages and a record $14 billion was lent, the sink in inquiry level from first home buyers and existing homeowners has been clear.

Even the RBNZ holding the OCR at 2.25% this week while choosing to “see through” short term inflation shocks is not going to make much difference, David Green, adviceHQ director and mortgage adviser says.

“Real estate agents say the market has stalled and there are not as many people at open homes and in the auction rooms.”

Property market reverses