The temperature of the crater lake on Mount Ruapehu has declined over the past week, but volcanic tremors are continuing.
GNS Science says the lake has dropped from 41C to 30C today.
It says heavy rainfall caused a temporary rise in the lake level and a drop in temperature.
"These observations are consistent with a slowing down or stalling of the magma intrusion in the volcano," duty volcanologist Yannik Behr said in a statement.
GNS says gas emissions from relatively shallow magma suggests the volcano is still in a heightened level of unrest.
"Due to the heightened volcanic unrest GNS Science staff are carrying out more frequent aerial observations and gas measurements when weather conditions are suitable," Behr said.
The alert level remains at two.