Short-term home loan rates are likely to feel the most immediate impact of the Reserve Bank's move on Wednesday to keep the official cash rate on hold.

"I don't see mortgage rates falling. The obvious path is higher, not lower", Kiwibank chief economist Jarrod Kerr says.

Mortgage holders, renters and savers will be watching closely as the Reserve Bank prepares to reveal the Official Cash Rate update at 2pm.

Short-term home loan rates are likely to feel the most immediate impact of the Reserve Bank's move on Wednesday to keep the official cash rate on hold.