Mark Wilkshire: Co-Operative Bank CEO on inflation, signals fixed mortgage rate hikes coming ‘pretty soon’
About this episode
Mark Wilkshire discusses the potential rise in fixed mortgage rates due to increasing wholesale interest rates influenced by global volatility.
Fixed mortgage rates could be heading up “pretty soon”, says a New Zealand bank boss as wholesale interest rates rise on the back of volatility in the Middle East. Speaking on Early Edition with Ryan Bridge, Co-operative Bank chief executive Mark Wilkshire said wholesale rates were up about 30 basis points (bps) in the past couple of weeks. “I think banks will have to start passing that on. “Even though the Official Cash Rate [OCR] was priced in, those wholesale markets have lifted. I expect this to be upward pressure on retail mortgage rates.” Wilkshire said fixed home loan rates could rise “in that region of 30 basis points”. “It’s going to have to happen pretty soon. “Wholesale markets have been very volatile on the back of these conflicts.” On the Co-operative Bank lifting its own fixed rates, Wilkshire said, “I think we’re going to have to go pretty soon”. “They’re not big changes but I think we’re going to have to see that pass through.” Lower wholesale interest rates had led to banks cutting some of their longer-term fixed rates last month, while shorter-term rates continued to rise on expectations of an OCR hike in July. That hike came, with the Reserve Bank (RBNZ)…
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