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Aug 30 (Reuters) – The Reserve Bank of New Zealand (RBNZ) said on Monday that changes in its key rate take about six months to have a significant impact on mortgage rates.
A 1% change in the official exchange rate (OCR) causes the average two-year mortgage rates to change 0.34% in one month, but the big impact on mortgage rates is six months later, where about 0 , 8% of the 1% change in the OCR rate is transmitted, according to a research note from the RBNZ. (Reporting by Nikhil Kurian Nainan in Bangalore; editing by Daniel Wallis)
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