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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
Banks are fiercely competing in a slow housing market, driving down fixed mortgage rates. TSB is currently offering a low 4.39% one-year rate.
These drops are due to banks pricing in an expected Official Cash Rate (OCR) cut from the Reserve Bank. While another cut is anticipated, economists believe a rate starting with '3' by year-end is unlikely. Future rate movements will depend on the Reserve Bank's signals about further cuts in 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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