Big four bank lifts interest rates and stays in the green, while ASX remains steady

The Commonwealth Bank raised two of its most popular fixed rate loans, however started the morning in the green as did the S&P/ASX 200.

The Commonwealth Bank raised two of its most popular fixed rate loans this morning, however started the meaning in the green. As did the ASX 200.
The ASX remains on a steady course.

The Commonwealth Bank of Australia raised two of its most popular fixed rate loans this morning - raising its two-and four-year fixed rate loans by 0.05 per cent.

It is the third time this year the Commonwealth Bank has lifted its four-year rates and the first time it has lifted its two-year owner-occupier rate.

The hike sees the two-year rate rise to 1.99 per cent and the four-year rate to 2.29 per cent.

“While a 0.05 per cent hike isn’t much in the scheme of things, anyone who was planning to lock in one of these rates, but hadn’t, could be kicking themselves today,” RateCity.com.au research director Sally Tindall said.

“CBA is factoring in a rise in the cost of funding over the next couple of years, particularly now the RBA’s term funding facility has closed.”

Despite the move, the bank is up 0.56 per cent today and at the time of writing sits at $105.52.

It’s not easy being green … but it is good to see

It was a good morning for the indices, despite Sydney recording 356 COVID cases – its highest COVID case numbers – and plunging more areas into lockdown.

At the time of writing the All Ords was up 0.11 per cent to 7,812.60 and the S&P/ASX 200 was up 0.08 per cent to 7,554.50. The S&P/ASX Small Ordinaries is up 0.43 per cent to 3,470.6. 

Meanwhile, oil has rallied slightly to rise 0.17 per cent to $66.59 and even gold is in the green, up 0.51 per cent to $1,735.30.

The dollar remains in the red at $0.7321.

The two top-performing stocks so far today are Pilbara Minerals and Pointsbet Holdings up 8.57% and 8.38% respectively.

The two bottom-performing stocks are Ramelius Resources and Westgold Resources down 4.97% and 4.03% respectively.

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