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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 offering a new low of 4.39%. Banks are proactively pricing in an expected Official Cash Rate (OCR) cut for November.
Economists suggest we are nearing the bottom of the rate cycle. While a rate starting with '3' is unlikely by year-end, it's not impossible. Homeowners should watch the Reserve Bank's November announcement for signals on future cuts, which will influence rates.
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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