With low variable rates, and rising fixed rates, the mortgage rate market in New Zealand has seen a return to a 'positive' rate curve. This means variable and short term fixed rates are below longer term fixed rates, and is the opposite to what was seen over much of the last decade. The return to a positive rate curve has meant more borrowers have recently been opting for variable or shorter term rates, rather than locking in for longer terms. In turn, this has given the Reserve Bank of New Zealand's monetary policy much more potency because the OCR has a much quicker and stronger influence on shorter term rates than longer term.