So the OCR and hence the floating mortgage rates are staying the same this month, though the reserve bank have indicated it will likely rise in March. The forecasts are floating mortgage rates will rise from around 5.75 now to around 7% by the end of the year. Fixed rates have already gone up in anticipation. Beyond that is anyone's guess. I also read a comment that as fixed mortgage rates are rising already perhaps they may need to raise the OCR less, so floating mortgages may rise less.

What are everyone's strategies for their mortgages? Float, fix, or a bit of both and different fixed terms? If floating goes up to 7% and sticks then staying on floating wouldn't be so bad, as fixed rates aren't far off that already. You also have to take into account that if you fix now for 36 months at 6.6% what would the average rate you'd be paying over that period if you were floating, and what's the rate likely to be when you come off that fixed term?

Right now I'm floating, I saved a lot of interest by breaking out of a fixed term just before the rates took a dive. I don't see much point of fixing for less than three years, as I think the average rate I'd pay could be less on floating. If I go to 4 years that's 7%, which may or may not be less than the average floating rate between now and then.

I guess it's crystal ball gazing, but interested in everyone's thoughts.