Mortgage rates not likely to move
The housing data company says tighter monetary policy has already been priced in by the banks.
CoreLogic chief property economist Kelvin Davidson says it is likely mortgage rates are at, or close to a peak, which is probably the first hurdle now cleared in terms of the housing market downturn getting closer to ending.
The RBNZ has given little away about what’s next for the OCR, but Davidson says it seems that there will be one more 0.25% rise on May 24, with the tightening cycle potentially ending there.
“That said, it’s still too early to sound the all-clear and suddenly expect housing sales volumes to pick up and house prices to find a floor,” he says.
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