| Previous years: | Monthly: | ||||||
|---|---|---|---|---|---|---|---|
| Nov 2022 | Nov 2023 | Jul 2024 | Aug 2024 | Sep 2024 | Oct 2024 | Nov 2024 | |
| New weighted average residential mortgage interest rates (simple average % during month) | |||||||
| Floating | 6.71 | 8.22 | 8.16 | 8.16 | 8.09 | 7.72 | 7.67 |
| 6 months | 5.70 | 7.23 | 7.04 | 6.91 | 6.85 | 6.73 | 6.51 |
| 1 year | 5.35 | 6.97 | 6.84 | 6.66 | 6.38 | 5.97 | 5.78 |
| 18 months | 5.51 | 6.98 | 6.80 | 6.38 | 6.10 | 5.98 | 5.93 |
| 2 years | 5.49 | 6.82 | 6.64 | 6.31 | 5.89 | 5.83 | 5.75 |
The data: coverage, periodicity and timeliness
Coverage characteristics
We source data from our New Credit Flows Survey. The number of respondents for the NCF survey is 20 registered banks, of which 13 are locally incorporated and 7 are the branches of the dual registered banks. Dual registered banks operate both a local branch and locally incorporated subsidiary in NZ.
The table shows new residential mortgage customer weighted average interest rates as a simple average from the monthly New Credit Flows survey. This means that each bank reports an average interest rate, weighted according to the value of each new loan. We then take a simple average of the reported weighted average interest rates reported across all banks.
The data collection covers new lending drawn down or facilities loaded in the reporting month. The New Credit Flows survey only reports the flows during the month instead of the ‘as at’ stock data at the end of the month such as that is reported in our Bank Balance Sheet Survey.
Data starts from April 2021.
Periodicity
Monthly.
Timeliness
We publish data 25 working days after the end of the reference period.
Access by the public
Statistics release calendar
The statistics release calendar provides a long-term plan of scheduled releases. We update and release it on the first working day of the month.
View the statistics release calendar
Integrity
Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses
We currently collect data under Section 262 of the Reserve Bank of New Zealand Act 2021.
Read the Reserve Bank of New Zealand Act 2021
We only publish aggregated data. Individual institutional data is confidential.
Provision of information about revisions and advance notice of major changes in methodology
Provisional data are italicised. Data are deemed provisional when a series is under review. New data, or revised data, are in bold font. This applies to the summary HTML table published on the RBNZ website only and not Excel files. We generally publish revisions when we update and release the next table. Should we need to make revisions more promptly, we will post a special note on the website. We also post any major changes in methodology as a special note.
Quality
Dissemination of documentation on methodology and sources used in preparing statistics
This data collection shows the residential mortgage weighted average interest rates as a simple average of new lending in the reporting month. The interest rates reported are based on actual new lending that has occurred during the reporting month. We publish advertised (or ‘carded’) rates and special (or ‘discounted’) rates offered by banks in the New residential mortgage standard interest rates (B20) and New residential mortgage special interest rates (B21) tables. Please refer to the attached technical note for more information about how these two data sources compare.
Value of new lending
Lending values and Weighted average interest rates are reported once new lending has been drawn down. In the case of a revolving facility only the new or additional limit value is reported and not the general churn/use within the facility that means the use of existing facilities is not included. New lending values do not include any changes in the product or structure of existing loans.
Residential new weighted average interest rates comprises:
- Floating
- 6m fixed
- 1 year fixed
- 18m fixed
- 2 years fixed
We will look to add the longer-term fixed interest rates (3-year, 4 years, and 5 years) once we have worked through data issues impacting the accuracy of the data at this time.
Symbols and conventions for summary table
| Symbol or convention | Definition |
|---|---|
| 0 | Zero or value rounded to zero |
| - | Not applicable |
| .. | Not available |
| bold | Revised/new |
| italics | Provisional |
| Light grey background | Historical |
General notes
- Individual figures may not sum to the totals due to rounding
- Percentage changes are calculated on unrounded numbers
- You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.