There is some surprise that three of the big four banks are yet to follow the Commonwealth Bank and lift interest rates.

The Commonwealth Bank prompted an angry backlash, after almost doubling the Reserve Bank's official rate rise on Melbourne Cup Day.

The ANZ, National Australia Bank and Westpac, as well as a number of smaller banks, are yet to make any move.

A portfolio manager at Constellation Capital, Peter Vann, says it is highly unusual for the banks not to adjust their rates within a day or so of each other.

"I think after the surprise move by CBA last Tuesday afternoon, and the backlash that was immediately apparent, the other banks are just biding their time to just further see the reaction and how things pan out," he said.

"The public and government backlash against CBA raising their rates more than the RBA is something that the other banks - the big three and the regionals - would be very mindful of in just fine tuning how far they go."

Most analysts expect the other three major banks to also raise rates by more than the Reserve, as they say the institutions would have already taken the praise of only raising variable mortgage rates by 25 basis points if that was their intention.

"Anywhere between 10 basis points and 20 basis points over and above the RBA adjustment is to be expected," noted TD Securities interest rate strategist Annette Beacher.

"After the media and political point-scoring off the Commonwealth Bank's unpopular decision to lift the mortgage rate by 45 basis points, the other banks merely need to adjust by a slightly smaller increment."

However, banking analyst Martin North from Fujitsu Consulting says there may be considerable variation in how far above the official rate rise different banks move.

"I'm not sure it's a lay down misere that everyone will follow exactly the same way, and I have a feeling that we'll see some quite different positioning in the market, and maybe even some new products in the coming days," he told the ABC's Business Today program.