The OCR may be rising, but that doesn't necessarily mean mortgage rates will go the same way

The Reserve Bank's lifted the Official Cash Rate by 50 basis points, to three percent -- and expects it to peak at 4.1 percent.

The committee wants to restrain spending, to bring inflation back within its one to three percent per annum target range.

At the moment, it's at 7.3 percent.

CoreLogic chief property economist, Kelvin Davidson says not a huge amount has changed in terms of forecasts, so believes a direct impact on the housing market will be pretty minimal.

He says it anything, the competitive nature of the industry may keep some degree of downwards pressure on mortgage rates.