OCR down to 3.75%

The Reserve Bank has dropped the OCR to 3.75%, which is good. However this is still higher than anytime from 2009 to 2021.

The OCR was 5.5% from May 2023 to August 2024. So it has dropped 1.75% from its peak, which will help home owners and businesses.

Floating mortgage rates are down from 8.6% average to 7.4% and fixed from 6.0% to 5.2%. But these are still high. In 2017 they were 5.8% and 3.3%.