The claim that five-year fixed mortgages have reached their lowest share on record is not verified by the available reporting. The closest relevant report, covering New Zealand owner-occupier lending in August 2023, says the five-year share of fixed lending rose from 1.5% in July to 2.8% in August. Its record-low figure was for floating-rate lending—not five-year fixed mortgages.
What the closest available figures show
An interest.co.nz report published October 5, 2023, using Reserve Bank of New Zealand figures for August 2023, says owner-occupiers took up NZ$108 million in five-year mortgage terms, compared with NZ$58 million in July. The five-year share of owner-occupier fixed mortgage lending rose from 1.5% to 2.8%.
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Those figures describe a month-to-month increase, not a record low. They are historical figures and should not be read as current mortgage-market data.
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The report’s record-low statement concerned floating-rate lending. In August 2023, fixed-rate terms made up 81.9% of total new residential lending and floating terms made up 18.1%; the report described the latter as a record-low share. That is a different category and denominator from the five-year fixed share.
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- Five-year share of fixed lending: 2.8% for owner-occupiers in August 2023, up from 1.5% in July.
- Floating share of total new residential lending: 18.1% in August 2023, described by the report as a record low.
Why the headline cannot be confirmed
The title does not identify a country, time period, dataset, or definition of “share.” The available report is a New Zealand snapshot from August 2023, and it does not substantiate the headline claim. A valid record comparison would need to use the same measure throughout: the share of all new lending or only fixed lending, owner-occupiers or investors, loan value or loan count, and a consistent time basis.
Timing matters too. The report says the Reserve Bank series it used records residential mortgage lending or facilities when loaded in the reporting month. Other Reserve Bank mortgage series record lending when committed, so figures from the two approaches are not directly interchangeable.
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- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
What to check before relying on a record-low claim
- Confirm the country and the original dataset behind the claim.
- Check whether “share” means a proportion of all new mortgage lending, fixed lending alone, loan count, or loan value.
- Verify which borrowers are included and whether the figures cover owner-occupiers, investors, or both.
- Check how the dataset dates a loan and how far back its historical record extends.
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