HOMEOWNERS have been slugged with another interest rate rise, the first-ever during an election campaign, pushing mortgage rates towards a 13-year high. The latest rise of 25 basis points takes official rates to 6.75 per cent and means variable interest rates will soon rise to 8.57 per cent, an 11-year high, up from 8.32 per cent. On a $200,000 home loan over 25 years, repayments are set to jump $34 a month. A grim Prime Minister John Howard apologised to people struggling to pay off their mortgages. "This decision will have negative consequences for a lot of borrowers," said Prime Minister John Howard. "I would say to the borrowers of Australia that I am sorry about that." For full article read here - this rate wasn't a surprise to anyone I've been speaking too and already anticipated by investors and homeowners alike. Seems like not even a looming federal election is reason enough for RBA to put off the inevitable.