Year of the refix

They sit 2.5% below levels seen in February and exactly where they were a year ago on average, Tony Alexander, an independent economist says.

“The lesson is that interest rate changes are not the sole determinant of what happens with the housing market and house prices.”

This message might be pertinent as $135 billion or 41% of all fixed rate mortgages are due to be refixed over the next six months.

And BNZ chief economist Mike Jones in his latest Eco-Pulse says evidence is growing that the typical fixing strategy is no longer just about picking the lowest rate.