What happened Thursday
New Zealand's economic data shows rising residential construction costs and stagnant wage growth relative to GDP. Meanwhile, major banks like ASB are adjusting mortgage rates, reflecting a complex financial environment for households.
Why it matters
Understanding shifts in mortgage rates and construction costs is critical for assessing the economic health and housing affordability of a nation.
Here are the key things you need to know before you leave work today (or if you work from home, before you shutdown your laptop).
MORTGAGE RATE CHANGES ASB has changed most of its fixed rates today , cutting its 18 month and two year rates, raising its 3, 4 and 5 year rates. ICBC's hot 4.99% three year rate is ending today. It will revert to 5.25%. All current mortgage rates are here . And note, you can compare mortgage offers with our unique calculator that takes into account other costs and cashback incentives, here .
TERM DEPOSIT/SAVINGS RATE CHANGES ASB has tweaked a small number of rates up, but only to match their main rivals. All updated term deposit rates less than 1 year are here , for 1-5 years, they are here .
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