Longer-term fixed mortgage rates continue to edge upwards, according to the latest mortgage interest rate survey conducted by the Real Estate Institute of New Zealand.

The lifting of the Official Cash Rate to 6.25 per cent, last week, has resulted in mortgage providers capitalising on predictions of further OCR increases by the Reserve Bank and locking customers into fixed rate mortgages.

Anticipated increases in floating rates had yet to become evident when the survey closed on Tuesday, with only three increases of 0.25 per cent each being reported from the 19 survey participants during September.Floating interest rates range between 7.75 to 8.60 per cent.

Real Estate Institute of New Zealand National President, Howard Morley, said an increase in floating rates would undoubtedly occur in the coming weeks.

During the last month, fixed interest rates rose by between 0.01 per cent and 0.50 per cent with the only decreases in fixed rate offerings occurring within the periods of one and five years.

As of 14 September, one year fixed rates ranged between 7.15 and 8.10 per cent, compared to 7.20 and 8.05 per cent recorded in August 2004, and two year fixed rates ranged between 7.40 and 8.20 per cent, compared to 7.29 and 8.19 per cent exhibited the prior month.

Three year fixed rates ranged between 7.55 to 8.00 per cent, as opposed to the previous period’s range of 7.45 to 7.95 per cent, and four and five year rates ranged between 7.70 to 8.05 per cent, in contrast to August figures of between 7.65 to 8.05 per cent.