16 Retail mortgage interest rates have risen slightly from their historic lows of late 2016. The Official Cash Rate (OCR) set by the Reserve Bank remained unchanged at 1.75% in May, and the tone of their announcement continues to indicate that the OCR will remain unchanged for some time. That came as a surprise to some commentators who expected them to favour the next move being an increase. Fixed mortgage interest rates continue to plateau following a decent hike in January. While the cost of money from offshore continues to increase, gradual further rises in fixed mortgage interest rates are likely. Interest Rates Average Two Year Fixed Rates - % Projected Official Cash Rate - % Source: RBNZ and Interest.co.nz Mortgage Interest Rates - %