The Big Mortgage News! - Interest Rate Update April 2022
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The Big Mortgage News! - Interest Rate Update April 2022
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Mortgage Lab CEO Rupert Gough shares what's been happening in mortgages throughout April 2022, giving you everything you need to know about the mortgage market.
The big news this month was, of course, the OCR announcement when Reserve Bank Governor Adrian Orr announced a 0.5% or 50 basis point increase to the official cash rate. This was the biggest OCR increase in 22 years on the back of massive inflation of 6.9% well above their target inflation rate of 2%.
Not since 17th May 2000 has the Reserve Bank increased the Official Cash Rate by 50 basis points when the then Reserve Bank Governor and future leader of the National Party Don Brash raised NZ’s OCR to 6.5% because of an inflation rate of 5.8%. That’s right, it’s been so long since we had a 50 basis point jump on the OCR that, at the time, you would have heard about it on your monochrome screen Nokia 3210...
You can watch a video on the same subject here: https://youtu.be/HpGbw-zbgJM
If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.
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