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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 lower fixed mortgage rates, with a new low of 4.39% for one year. This drop is largely due to banks pricing in an expected Official Cash Rate (OCR) cut in November.
Economists believe we are nearing the bottom of the rate cycle. While a rate starting with '3' by year-end is optimistic, it remains a possibility if the Reserve Bank signals further cuts for 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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