Building society CBS Canterbury, which last week lowered its variable, six month and one year mortgage rates, has now increased its two and three year rates by 15 basis points (bps). The new two year rate is 6.40%, and the new three year rate is 6.95%. The rates are effective May 12. (Update 1 to include TSB mortgage rate cuts.) See all the new rates on our mortgage rates page. This is consistent with a trend in recent days of short term rates nudging down following the 50 bps cut in the Official Cash Rate on April 30, but of long term rates staying put or rising. The latest move also follows CBS last week raising its five year mortgage rate by 10 bps to 7.60%. At the same time as that move, CBS lowered its variable rate 50 bps to 6.45%; its six month rate 26 bps to 5.99%; and its one year rate 46 bps to 5.79%. Adding to the consistency, TSB announced on Tuesday morning it was cutting its 6 month mortgage rate by 35 bps to 5.64%, and its one year rate by 9 bps to 5.70%. The new rates are effective immediately.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.