TSB has raised its four and five year mortgage rates. It's four year rate was raised by 25 bps to 8.2%; and five year by 20 bps to 8.5%. The move brings TSB's longer term fixed mortgage rates up into line with Westpac, which raised its fixed rates earlier this week. ASB is currently offering the highest long term fixed mortgage rates out of the banks, with its five year rate at 8.6%. While variable mortgage rates have been falling recently, longer term fixed rates have been rising. This trend has seen the mortgage rate curve steepen as longer term rates have moved higher than short term rates. See and compare all mortgage rates here. Meanwhile, Credit Union North lowered its variable mortgage rate by 20 bps to 6.25% and its one year mortgage rate by 20 bps to 5.75%. Credit Union Baywide cut its variable rate by 55 bps to 5.85%, but raised fixed rates. It raised its one year rate by 20 bps to 5.8%; two year by 20 bps to 6.85%; and three year by 30 bps to 7.85%. The Police and Families Credit Union raised its one year rate from 5.49% to 5.7%.
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