Homeowners are bracing for higher fixed-term mortgage rates, despite a predicted cut to the official cash rate.
The Reserve Bank is due to make its last monetary statement of the year, and it is widely expected to cut the official cash rate to a record low 1.75 percent.
Despite this, ASB has increased its three-year and five-year standard rates by 0.2 percent and other banks are expected to follow suit.
ANZ chief economist Cameron Bagrie told Morning Report the higher rates were due to a rise in global interest rates and banks' need for more deposits.
"What we've seen is that the inflation profile of a lot of countries around the globe has started to pick up over the last two to three months. To be fair, a lot of that has been driven by oil prices, but that's really been enough to tip long-term interest rates off their lows."
Mr Bagrie said savers were likely to benefit from higher interest rates on deposits.
But he doubted it was a long-term trend, and said fixed-term mortgage rates may nudge back down.