Westpac has hiked its one year mortgage rate by 21 basis points (0.21%) to 6.2%. This follows its move earlier in the week when it raised its six month and two year mortgage rates. Westpac left its variable mortgage rates, and three, four and five year fixed rates unchanged. (Update 1 includes TSB mortgage rate changes.) See and compare all mortgage rates here. Westpac's latest rate hike also follows Kiwibank's move to raise its one year, 18 month and two year mortgage rates. Fixed mortgage rates have been rising in recent weeks on market expectations of a higher Official Cash Rate next year, which are feeding through into higher wholesale 'swaps' rate. Meanwhile variable rates have remained static and are likely to remain so into mid 2010 when the Reserve Bank is expected to raise the OCR. Meanwhile, TSB announced hikes to its one and two year mortgage rates. TSB raised its one year rate by 30 bps to 6.2% and its two year rate by 25 bps to 7.15%.
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