Falling home loan rates
One-year fixed mortgage rates have fallen by an average of 17 basis points since the beginning of November. Three-year fixed rates have fallen by an average of 14 basis points over the same period, and five-year rates have fallen by an average of 14 bps.
The average one-year rate is now 5.47 per cent, according to InfoChoice, and the lowest rate on the market is 4.98 per cent.
The average three-year rate is 5.48 per cent, with the lowest rate being 5.09 per cent and the average five-year rate is 6.01 per cent, with the lowest rate being 5.69 per cent.
The average standard variable rate for the lenders in InfoChoice's database is 6.07 per cent, with the cheapest rate standing at 5.09 per cent.
Source: Banking Day