The big, and somewhat surprising news for the week was today's OCR annoucement. The Reserve Bank left its cash rate at 2.50%, as expected. However, it reiterated that it doesn't expect to make any increases until the second half of next year. This was quite contrary to what the market expected. For more on the OCR and what it means for home loan rates click here. There is also a view that the decision with fire up the housing market. >> Read more.

There have been many rate changes in the past week. A week ago National Bank increased its six-month fixed rate by 25 basis points to 5.70%. It also increased its two and three-year rates by 20 points and upped its four-year rate by 25 points. ANZ raised its six-month rate by 30 basis points to 5.75% as well as its 18-month, three and four-year rates by 20, 29 and 25 points respectively.

The biggest jump in rates was by Southern Cross with its 66 basis point raise to its three-year rate from 6.99% to 7.65%. Its also increased its six-month rate by 25 bps to 5.45% and its one and two-year rates rose by 10 and 30 points respectively. PSIS, CBS Canterbury, SBS Bank and Fidelity Life also made a range of increases to its fixed interest rates during the week also. These changes ranged from five basis points through to 55 basis points.

The trend to come from the past couple of weeks has been the start of the six-month fixed interest rate hikes. This can be seen clearly in our latest graph.

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