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Interest rates just hit a fresh low. Could we see a rate starting with 3 in by the new year?
Banks are vying for our business by advertising lower rates.
AI summary
Intense bank competition in a slow housing market is driving down fixed mortgage rates, with TSB leading with a 4.39% one-year rate. Banks are pricing in an expected Official Cash Rate (OCR) cut in November.
Economists forecast one more cut this year, making the Reserve Bank's upcoming announcement critical for future rate direction. While a rate starting with '3' is optimistic, it's possible for a promotional rate if the RBNZ signals further easing into the new year.
Competition heats up
Economist Cameron Bagrie believes we’re nearing the trough in the cycle
Why are rates dropping now?
Lock now, or wait for lower rates?
Is the magic 3 possible?
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