Official interest rates will remain unchanged this month, after the Reserve Bank of Australia announced today it was leaving the official cash rate at 7.25%.

However the banks continue to nudge their mortgage rates, independent of the RBA?s decisions. St George yesterday became the third bank to raise its interest rates, following the lead of Westpac and NAB.

St George now has a standard variable mortgage rate of 9.47%, the second highest in the nation behind Citigroup on 9.48%.

The RBA will hold its next meeting on 6 May.