I think mortgage rate rises could be seen coming about a year ago - I certainly thought they would rise this year. Higher interest rates are 'the cure' for an inflation rate that has a '7' in front of it. It's not that the interest rates themselves are so scary high. Independent global economic researchers Capital Economics have a standing prediction that falling house prices will force the RBNZ to begin cutting interest rates again next year. Big interest payments.

Source: New Zealand Herald April 20, 2022 04:02 UTC