Why home loan rates aren't 'anywhere near high enough'

The OCR is expected to rise more quickly than previously expected through the latter half of this year.

There is unlikely to be a change in the official cash rate this week, but that doesn't mean borrowers are not in for interest rate increases, commentators say.

The Reserve Bank will review the official cash rate on Wednesday but is widely forecast to leave it on hold, while signalling that it will rise more quickly than previously expected through the latter half of this year.

For home loan borrowers, it is likely to mean increases through the rest of the year.

Two-year special rates have risen from a trough of 4.5 percent towards the end of last year to about 5.2 percent.