REFILE – Central Bank of New Zealand Says It Takes Time to Change Mortgage Rates

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August 30. (Reuters) – The Reserve Bank of New Zealand (RBNZ) said Monday that the discount rate change will take about six months to have a significant impact on mortgage rates.

A 1% change in the official money rate (OCR) results in a 0.34% shift in the average two-year mortgage rates over the course of the month, but the big impact on mortgage rates takes place six months later, when about 0.8% of 1 % change in OCR rate passes, according to RBNZ research note. (Reporting by Nikhil Kurian Ninan in Bangalore; edited by Daniel Wallis)

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