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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 competition in a slow housing market is driving banks like TSB to offer lower fixed mortgage rates, with some now below 4.4%. These drops are partly due to banks pricing in an expected Official Cash Rate (OCR) cut.
While economists forecast one more cut, a rate below 4% this year is considered a long shot. Homeowners should watch the Reserve Bank's November announcement for signals on future cuts, which will be key to any further downward pressure on 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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