Reserve Bank governor Alan Bollard raised the official cash rate (OCR) by 25 basis points to 2.75% today and more hikes are expected to follow.
The Reserve Bank's statement can be read here.
Although the rise means floating and short-term rates will start to increase, economists are saying borrowers shouldn't panic.
We also have a graph showing floating rate projections for the next year.
The only mortgage rate changes this week were made by Housing New Zealand Corporation which increased its one-year rate by 20 basis points to 6.35% and its two-year rate by 10 basis points to 7.20% with rates still below the medians for non-bank lenders.
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