Some banks have increased fixed mortgage rates in the wake of better than expected employment figures and comments from the Reserve Bank Governor.
The National Bank on Thursday increased its six-month mortgage rate from 5.7% to 6%, taking it ahead of Westpac, Kiwibank and BNZ which are all on 5.75%.
The National Bank also increased its one-year mortgage rate from 6.15% to 6.45%.
ANZ has has raised its three-month rate up from 5.5% to 5.6% and its 18-month rate from 6.69% to 6.85%.
National and ANZ also increased its two-year mortgage rate.
Interest rates rose on local money markets on Thursday after the release of Household Labour Force Survey figures showing a dramatic drop in the unemployment rate to 6% during the first three months of the year.
Markets had been expecting little change from the previous rate of 7.1%.
Upbeat comments from the Reserve Bank Governor has all but guaranteed a June start to rises in the Official Cash Rate.
New Zealand's unemployment rate is now significantly lower than in countries such as the United States, Britain, Canada and most European nations, although still higher than in Australia.
However the chief economist at research firm BERL, Ganesh Nana, warns the fall is really a mathematical change through seasonal adjustment, and too much should not be read into what it means for the wider economy.
He says there are 25,000 more people unemployed since this time last year, and 14,000 more are trying to find jobs.
Listen to Radio New Zealand's economics correspondent