Moves by some banks to lift home loan rates are likely to be followed by other lenders.

On Thursday, the Reserve Bank raised its Official Cash Rate by 0.25% to 6.75%, the highest level since March 1999. On the same day Westpac said its floating rate would rise to 9.05%.

ASB lifted its floating rate to 9% on Monday, saying the increase adds just over $16 a month to a 20 year $100,000 mortgage.

As a result of the rises the Director of Massey University's Centre for Banking Studies, David Tripe, expects other banks to raise their floating rates to 9% over the next few days.

The BNZ says fixed rates are likely to go up as well.