Mortgage rates on the rise

Mortgage rates are on the rise following the Reserve Bank's decision to leave the Official Cash Rate unchanged at 7.25 per cent.

Blue Chip Financial Solutions' latest survey says comments from Governor Alan Bollard that he sees no scope for any easing of the OCR, have had an impact.

Chief Executive Jonathan Woodhams said this, combined with rising wholesale borrowing costs, have pushed interest rates up.

He said fixed rate mortgages over the past month have increased between 0.1 and 0.4 per cent.

Mr Woodhams is expecting further mortgage rises this year before falling across the board in nine to 12 months time.

- NEWSTALK ZB