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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 is pushing down fixed mortgage rates, with TSB offering a market-leading 4.39% one-year rate. This is driven by a slow housing market and banks pricing in an anticipated Official Cash Rate (OCR) cut.
While another OCR cut is expected, a rate below 4% is unlikely unless the Reserve Bank signals further cuts in the new year. Homeowners should watch the November announcement for guidance before deciding whether to lock in a rate.
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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