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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 at 4.39%. Banks are pricing in an expected Official Cash Rate (OCR) cut for November.
While seeing a rate below 4% this year is optimistic, it remains a possibility for a short-term promotional rate. This would likely require a strong signal from the Reserve Bank about further cuts, so homeowners should watch its next announcement for future rate direction.
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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