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IntroHello. I'm Bernard Hickey with the daily briefing from interest.co.nz...Today, we'll look at the latest big move in mortgage interest rates and what might happen next We'll also find out more on the dramas around MFS Pacific and now MFS Boston and have a quick look at the latest net migration figures, which have a big influence on the housing markets and the economy generally.Story 1, But firstly we dig look at the latest move by the ANZ and National banks that has caused quite a stir in the mortgage scene.ANZ and National have both increased their 2 and 3 year fixed rates. They've lifted their 2 year rates to 9.7% from 9.5% and have put up their 3 year rate to 9.55% from 9.3%.The commonly owned banks are blaming tough conditions in wholesale markets.All over the world interest rates on wholesale credit markets have risen as banks become more nervous about lending to each other in the wake of the sub-prime credit crunch. That has eventually flowed through to retail interest rates.New Zealand is not the only one affected by this. The US Federal Reserve is likely to cut its official rate to 2.5% next month, but interest rates for consumers and businesses have actually risen.We'll find out more about our interest rate outlook here next Thursday when the Reserve Bank governor Alan Bollard announces his latest interest rate decision. He's expected to keep rates on hold, but that's no guarantee for steady mortgage rates, because they're based on wholesale longer term rates rather than the official cash rate.Story 2Now for a look at the latest dramas around the MFS group.MFS Pacific is asking its debenture holders for more time to propose a moratorium on its debt repayments. MFS Pacific needs to sort out exactly how much support it can expect from its Australian parent MFS LTd.MFS Pacific has what it calls a 'put option' with MFS where it can force MFS to pump money into MFS Pacific. But MFS is itself in dire straights and is trying to refinance its own debts.Meanwhile sister company MFS Boston is also asking debenture holders for a debt moratorium. MFS Boston director Kingsley Turner told interest.co.nz that MFS Boston doesn't know how much support it will get from MFS so has decided to shut down lending and borrowing now to preserve as much value as possible in the loan book.MFS Boston is assuring debenture holders of 38.5 million of debt that believes it can repay 100% of that and eventually repay the interest as well.Story 3And finally a quick look at the latest migration figures for January. Migration figures from Statistics NZ show that a net 4,085 people or just over 1,000 people a week migrated to Australia permantly in the month of January. This lifted the net number of people who migrated to Australia in the year to the end of January to 28,615, up 33% from a year ago.Overall there was net migration to New Zealand of 480 in the month of January and net migration to New Zealand of 4,799 in the year to the end of January, both of which are seven year lows.These reinforce that the boost from migration to the economy and the housing market is waning, giving the Reserve Bank more weapons to fight inflation, although it is seen as unlikely to cut official interest rates any time soonI'm Bernard Hickey from interest.co.nz with the Daily Briefing. Catch you on Thursday.