BankWest has made a clever move in increasing the ongoing standard variable mortgage rate yesterday by 20 points - to 9.55 per cent, which may go relatively unnoticed.The marque mortgage product for the bank is not the standard variable but the Rate Tracker - accounting for more than half of all new mortgages for the bank, which charges one per cent lower than the big four banks average standard variable for the first two years.Current mortgage market trends are showing borrowers are more concerned with short-term rates - taking the punt the interest rate cycle will turn before the introductory loan period ceases.This can be clearly evidenced in sales figures reported by Australia's largest aggregator, Australia Finance Group (AFG), with introductory loans accounting for 13 per cent of loans in May and June, up from ten per cent in April and more than double the twelve months preceding March 2008.The BankWest Rate Tracker has formed part of the 'Happy Banking' marketing initiative, and since the big four banks have not increased the ongoing variable - the Rate Tracker interest rate remains potentially unprofitably stagnant.BankWest would have been pleased St George upped rates independently of the Reserve Bank last week, hoping the big four would follow; but since this has not happened the bank has taken the short-term pain for the long-term gain - providing borrowers will stick with the Rate Tracker once the introductory period expires.The Rate Tracker charges a $950 application fee, $400 higher than the big four standard variable application fee average.