The only lenders to make changes this week have been PSIS, Public Trust and Fidelity Life.  All with cuts to their long-term fixed interest rates.

Yes the Reserve Bank has increased the OCR 25 points to 3% as predicted.

The good news, and key part of this morning’s statement is that even after today’s move, the level of the OCR is still very supportive of economic activity.

The pace and extent of further OCR increases are likely to be more moderate than was projected in the June Monetary Policy Statement.

Translated this means that mortgage rates will rise, but not as fast as earlier predicted.

PSIS last made changes to these rates back in March this year where it made similar cuts.

There are no mortgage rate changes to advise of.

This week in news, the RTA (Residential Tenancies Amendment Act) was passed on Wednesday and the Serious Fraud Office is to investigate allegations against a Blue Chip employee. For more on these stories click here.

There are no mortgage rate changes to advise of.

Credit Union North also made cuts with its two and three-year rates dropping by 30 and 45 points respectively to now it below the median rates for non-bank lenders.

In this week's housing news, economists are predicting the housing market will stay soft for the rest of the year after Real Estate Institute data showed sales volumes stayed under pressure last month.

Economic recovery or not? Looming inflation problem or not? Perhaps we really need Paul the Octopus to settle the debate, says ASB. But unless he says something different, ASB’s view remains that the economic recovery will continue steadily, not spectacularly.

Wairarapa Building Society has knocked 20 basis points off its two-year rate from 7.40% to 7.20%, bringing it just above the 7.15% median for non-bank lenders.

NZF also dropped its long-term rates at the end of last week, with 70 basis points cut from its four and five-year fixed home loan rates.  Its two and three-year rates went down by 10 and 50 points respectively.

AMP Home Loans has made reductions to its two to five-year fixed rates today also.  The biggest change being a 75 basis point cut to its five-year rate followed by a 65 point cut to its four-year rate.  Its two and three-year rates dropped by 21 and 45 points respectively.

Housing New Zealand has increased its floating and one-year rates while cutting its two, three and five year rates by 25, 45 and 75 basis points respectively.

In news, sellers remain confident in the residential housing market and appear resolved to focus on attracting what little buyer interest there is rather than on achieving the highest price, according to Realestate.co.nz.

There are no mortgage rate changes to advise of.

PSIS has increased its six-month rate by 10 basis points to 6.10% and it has dropped its two, three and four-year rates by 25, 40 and 60 basis points respectively.

In Mortgage rate news the Reserve Bank of New Zealand should stop raising interest rates, amid worrying evidence that the economy recovery is stalling, says New Zealand Institute of Economic Research Quarterly Survey of Business Opinion chief economist Shamubeel Eaqub.

The Reserve Bank of Australia kept its overnight cash target rate unchanged at 4.5%, and said borrowing costs have returned to their average levels of the past decade, which is appropriate pending more data on demand and prices. Read on here.

ASB and BankDirect made a 45 basis point cut to its three-year fixed rate and both its four and five-year rates were cut by 65 points.

Kiwibank reduced its three-year rate from 7.70% p.a. to 7.25% p.a.; four-year reduced from 8.20% p.a. to 7.55% p.a. and its five-year from 8.50% p.a. to 7.75% p.a.

SBS Bank has cut its two-year fixed home loan rate today by 31 points to 6.99%.

CBS Canterbury's rate changes today consist of an increase of 10 basis points to its one-year rate and cuts of up to 36 points to its two, three and five-year rates.

Southern Cross Building Society upped its six-month and one-year rates by 20 points each and Credit Union Baywide have cut its two and three-year rates by 35 and 45 points respecitvely this week.

The best bank two-year rate is 6.99%.

A number of commentators have noted HSBC have increased one and two year rates. It is worth noting HSBC can't be directly compared to standard bank rates as it has some strict criteria around its loans - including a large minimum loan size.

For thoughts on what's happening read: Interest rate decisions not so easy now

ANZ and National Bank have gone one further and cut their three, four and five year rates by between 45 and 74 basis points. The biggest cut being to ANZ's five year rate which is down from 8.50% to 7.75%.

Kiwibank has cut 31 basis points off its two-year fixed home loan rate, reducing it from 7.30% which is the median for all banks to 6.99%.

In Expert Views, BNZ economist Tony Alexander gives a simple lesson in how monetary policy works. Also in news today we find out which banks are punching well below their weight in the mortgage lending market.

The Reserve Bank is likely to be pleased with the current mix of growth in the economic cycle as the household sector takes a back seat in driving it according to ASB Business Weekly.

However it was the only bank last week to make cuts to its rates with its two-year rate dropping from 7.30% to 7.20%.  TSB Bank has the lowest standard two-year rate for a bank on our table at 7.19%.

AMP, Credit Union North, Public Trust and SBS all increased their short term rates yesterday, click here to see the changes.

NZF is also starting to compete with banks for home loan business following the success of its $100 million securitisation programme. It has introduced a new Standard 70 home loan rate today for borrowers with at least 30% equity

HBS increased its floating rate by 25 bps and its six-month and one-year rates rose by 21 and 15 bps respectively.

General Finance and Cairns Lockie have both raised their short-term fixed rates. Their six-month rates have increased by 11 basis points to 6.30%, one-year rates by 25 basis points to 6.65% and two-year rates by 5 basis points to 7.50%. This brings all their rates above the medians for non-bank lenders.

In news, house prices don't look set to rise any time soon, according to the latest ANZ Property Focus.

BNZ has raised its variable rates across all its products by 25 basis points with its TotalMoney rate of 5.84% now the lowest bank variable rate. BNZ also increased its six-month rates by 20 bps, its 18-month rates went up by 16 bps and its one- and two-year rates rose 14 and 10 points respectively.

TSB Bank has taken a slightly different approach with making no changes to its floating rate, keeping it at 5.99%, but increasing its six-month and one-year rates by 25 and 20 points respectively.

PSIS has followed the main trend with upping its floating, six-month and one-year rates although by smaller increments.  Its floating rate rose 20 basis points to 5.95%, its six-month rate went up by 15 bps and its one-year rate increased by 10 points to 6.45%

Read about some of this weeks changes here.

Also following the trend today is Westpac increasing both its floating home loan products rates and its capped one-year fixed rate by 20 basis points.  This now makes its standard variable rate the highest offered by a bank at 6.49%.

BNZ has raised its variable rates across all its products by 25 basis points with its TotalMoney rate of 5.84% now the lowest bank variable rate.  BNZ also increased its six-month rates by 20 bps, its 18-month rates went up by 16 bps and its one- and two-year rates rose 14 and 10 points respectively.

ASB opened the rate hike floodgates after a week long stand-off between banks following the OCR increase of 25 basis points to 2.75% last week.

Westpac, though, moved its floating rate up before last week's OCR announcement.