Wellington, Aug 13 NZPA - ANZ and National Bank of New Zealand are decreasing some of their fixed home loan rates.

ANZ said its two-year rate falls to 6.79 percent from 6.85 percent and its 30-month rate falls to 6.89 percent from 6.99 percent. The changes are effective from tomorrow.

National Bank said its two-year rate falls to 6.75 percent from 6.85 percent from tomorrow.

Banks have been hiking variable rates but cutting some fixed home loan rates after the Reserve Bank of New Zealand hiked the official cash rate to 3 percent form 2.75 percent on July 29.

The bank may hike the official cash rate once more but many economists argue weak economic data may pressure it to hold further rate rises.

The number of residential property sales last month was the lowest for a July month in a decade, according to latest Real Estate Institute of New Zealand (REINZ) data released today.

Nationwide sales slipped from 4575 in June to 4411 last month, the lowest July total in 10 years but higher than the record low of only 3666 sales last January.

The national median price for July was $349,000, down from $352,500 in June but 2.6 percent up on the $340,000 in July 2008 and 2009.