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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%.
Rates are falling as banks price in an expected Official Cash Rate (OCR) cut. While economists forecast one more cut this year, the Reserve Bank's future guidance in November will be critical for determining how low rates will go.
A rate starting with '3' is a possibility but remains unlikely before year-end without a strong signal of more cuts.
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?
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