ANZ adjusts house price downgrade to 22%

One-year mortgage rates are at the highest levels in a decade. (Image: BusinessDesk)

Wed, 30 Nov 2022

ANZ Bank expects house prices to bottom out at 22%, down on last November's peak, which is based on the 'shock value' of accelerated interest rate hikes on the market. The bank, the country's largest mortgage lender, expected the official cash rate (OCR) would now peak at 5.75%, up from its forecast high of 5%, as the Reserve Bank of New Zealand (RBNZ) grappled with rampant inflation.That had seen fixed mortgage rates ratchet up again this month, with five-year rates at their highest levels in more than seven years and one...

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