How do banks decide if they'll lower interest rates - and are they going down more?

Will your mortgage rate go down soon, or will banks keep them higher for longer?In this episode of Making Cents, financial journalist Frances Cook joins RNZ’s Nights on 14 August, to break down everything you need to know about New Zealand interest rates right now.We cover:How the Official Cash Rate (OCR) works and what it means for home loansThe link between what savers get in their term deposit, and what borrowers are charged for their mortgageWhether banks are competing hard enough for customersWhy banks cut or raise interest rates at different timesWhether you’re a homeowner, first-home buyer, or looking to grow your savings, this episode explains how bank decisions, Reserve Bank policy, and market competition all affect your wallet.Making Cents is supported by our friends at Kiwibank.LinksFollow Frances Cook on Facebook, Instagram and TikTok, or join the Money Memo newsletter for a free weekly money tip in your inbox each week.