OCR and rate update

Well the Mole was a bit hopeful with the Reserve Bank dropping the OCR by 50 points and making it clear that there is likely to be one more to go. It is also becoming clear that lenders are not going to pass much of this on beyond reducing their variable rate.

At this point ANZ and National have moved their floating rate down to 6.45% and Sovereign has dropped to 6.4%, meaning ASB will likely announce same in the next few hours.