If you're worried what impact an official cash rate increase could have on home loan rates, you can rest assured that you've probably already seen it.Commentators say Wednesday's increase to the official cash rate (OCR) was widely expected and already priced in to most home loan rates.David Cunningham, head of mortgage broking firm Squirrel, said home loan rates had already risen over the past six months in anticipation of an increase to the official cash rate.Until Wednesday, the rate has been on hold at 2.25 percent since November last year. But as early as the end of last year there was discussion about when the first increase would come, and home loan rates started to move.Two-year rates have risen from a low of 4.5 percent to around 5.2 percent.Cunningham said floating rates would rise 25 basis points. "But almost no one has floating. Deposit rates will go up - Squirrel's putting up its on-call rate by 25 basis points overnight."But most people have fixed and we'd already seen a 70 basis point increase in fixed rates for two years, which is one of the favoured terms, so you've already had the impact."He said the Reserve Bank seemed to want to avoid the prospect of home loan rates dropping further."My read is they were concerned if they didn't hike, we'd see mortgage rates come down another 10 or 15 basis points."He said the focus seemed to be on the concern that with a stronger economy, firms might start putting up prices.Cunningham said on Wednesday morning the market was pricing in a 0.6 percent increase in the OCR by the end of the year. "It's got the first 0.25 percent."Westpac chief economist Kelly Eckhold agreed the impact on home loan rates would be minimal."Remembering the market basically had a 75 percent chance of a rate hike priced in for today, so that in itself was not a large surprise."The Reserve Bank seems to be indicating that an end-of-year OCR in that 2.75 percent to 3 percent range still looks good to them. So by implication that's fairly consistent with where mortgage rates are currently pitched."Infometrics chief forecaster Gareth Kiernan said the update could give confidence that rates might not have to go as high as some might have feared, and that could lead to some longer-term confidence in the housing market."We've got quite a lot of stock on the market and not a lot of buyers out there but if people have been holding off and waiting to see the outlook for interest rates and the broader economy then perhaps there will be a bit more confidence among buyers that we're not going to be seeing interest rates pushing up to 7 percent."They will be able to service a mortgage if they do look to purchase a house. So if you look six to 12 months down the track, I think you start to see a bit more life coming back into the housing market."Cunningham said he did not expect the increase to affect the housing market."There are lots of houses being built, and the second thing is immigration's very low. So you've got more houses being built than houses, you know, in excess. So you've got more supply and less demand for limited demand growth."He said it would be the end of the year before house prices turned up again and from that point could rise gradually for the next five years.Cotailty chief property economist Kelvin Davidson agreed it would be business as usual for the housing market."On one hand, the US-Iran peace deal has already seen lower fuel prices and a boost to consumer confidence, as well as falls in mortgage rates - although these may not run any further. A continued economic recovery in the coming months, even if/when the OCR rises again, would tend to bolster sales volumes and property values too."But a fresh boom seems very unlikely. Indeed, listings remain elevated, giving buyers the balance of power on pricing. The election - and potential tax changes - appears to be dampening investors' moods too."He said there seemed to be a mindset shift under way with lots of questions being asked about long-run capital growth prospects, now that it seemed New Zealand had addressed the supply constraints that had previously pushed values higher.Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make and spend money