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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.
Economists forecast one more cut this year, suggesting rates are nearing their low point. While a rate starting with '3' is optimistic, it hinges on the Reserve Bank's future guidance. Homeowners should watch the next announcement for signals.
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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