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The bank blamed higher migration and lower mortgage rates for the misses. “Over the past decade, the key drivers of this deviation have been that migration has tended to turn out higher than forecast and mortgage interest rates have tended to be lower than our forecasts would imply. “Both of these factors have contributed to house price inflation tending to turn out higher than anticipated over this period,” the bank wrote. National Party MP and housing spokeswoman Nicola Willis said it was very worrying that the Reserve Bank had been getting the figures wrong, given how big of a player it was in the housing market.