Fixed mortgage interest rates have joined floating rates at their lowest levels since the 1960s giving consumers more power to demand cheaper borrowing costs.
Kiwibank is offering the lowest one-year fixed rate of 4.99%, followed by BNZ with 5.10% for 18 months and ANZ National with 5.25% for the same period.
Chief economist at ANZ National Cameron Bagrie says, however, that rates in the order of 5% are the exception rather than the rule, and he doubts they will drop much further.
