Reserve Bank figures show new mortgage lending grew $881 million in November - up 5.9% on the same time last year.
The growth compares with $936 million growth in October and $816 million in September.
First NZ Capital economics and strategy director Chris Green said it was probably too early to say whether the figures were showing any impact from the Reserve Bank's restrictions on lending to people with small deposits.
"We're getting some partial data coming through, and it's probably still a little on the early side to give a strong assessment," Mr Green said.
However, it appeared the effects were "as expected".
"You would probably expect there's some potential for some volatility in this data and, obviously, the Reserve Bank would be continuing to monitor developments," he said.
"I think we are starting to see initial signs that house price inflation, at least the rate of inflation, is slowing. Also, I think that there are some signs that the house sales data is getting towards a softer pace."
The central bank's figures also showed the proportion of floating rate mortgages continued to decline.
It fell to $80.6 billion in November, or 42.5% of total mortgage lending, from $81.3 billion in October (43%).
In November last year, floating mortgages accounted for nearly 54.9% of total mortgage lending.
