ASB Warns NZ Mortgage Rates Have Peaked

New Zealand mortgage rates have surpassed their lows, according to ASB's latest Home Loan Rate Report. The Reserve Bank's recent OCR hike has already filtered through to home loan pricing across the board.

One-year fixed rates currently sit at 4.99%, still around 2.5 percentage points below the peaks of 2022/23, but all fixed terms have lifted off their 2025/26 lows. The variable rate stands at 6.29%, with ASB noting floating rates have moved up 'more in line with the OCR increases observed in July and September.'

Borrowers are being urged to lock in a strategy rather than wait for further falls, as mortgage rates are expected to continue upward pressure set to persist.