Take a look at the wholesale swap rate charts at the foot of this article. The two year swap rate hit 5% today for the first time since December 2008, a 14 year high. Back then the average bank two year fixed rate was 7.3%. But the two year swap rate was also 5% in ... well, we don't know. Daily swap rates Select chart tabs 1 year % 2 years % 3 years % 4 years % 5 years % 7 years % 10 years % Opening daily rate Source: NZFMA Opening daily rate Source: NZFMA Opening daily rate Source: NZFMA Opening daily rate Source: NZFMA Opening daily rate Source: NZFMA Opening daily rate Source: NZFMA Opening daily rate Source: NZFMA

Source: Stuff October 18, 2022 05:12 UTC