In the past three months, the number of variable rate mortgages has risen by 12% from 350,800 at the end of August, to 392,400 by the end of November, arrording to the latest RBNZ data. Meanwhile, the number of fixed rate mortgages has fallen 2%, dropping from 971,200 three months ago, to 953,500 at the end of November.
The growth in bank mortgage lending has slowed significantly also, rising its slowest since May 2003.
Source: Interest.co.nz
