Mortgage rates set to rise after OCR increase.

Mortgage holders can expect an immediate increase in floating mortgage rates, and brace for further rises following a rise in the official cash rate (OCR).

The Reserve Bank has lifted the OCR to 3 percent saying interest rates need to be at a level where they don't add to demand, to keep inflation contained. Economic expansion, household and business confidence and persistent housing demand are among the reasons given for the rise.

Mortgage holders can expect an immediate increase in floating mortgage rates, and brace for further rises following a rise in the official cash rate (OCR).

The Reserve Bank has lifted the OCR to 3 percent saying interest rates need to be at a level where they don’t add to demand, to keep inflation contained. Economic expansion, household and business confidence and persistent housing demand are among the reasons given for the rise.

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