The Governor of the Reserve Bank has increased the Official Cash Rate four times this year by 25 basis points each time. Looking further out though, longer dated bond and swap rates are not increasing by the same amounts. The ten year bond rate is 4.35% today. This is implying that there may not be as many OCR increases, over the next twelve months, as was envisaged earlier this year. This is due to the Auckland property market easing, the domestic economy not growing as quickly as originally thought and an easing of dairy prices. This is positive for those with mortgages, and the two year fixed rates may actually stabilise around 7%, lower than the 8% being talked about earlier this year.