Fixed mortgage rates fall to new low

Fixed rate home loan rates have dropped to their lowest level in over three years.

46 lenders have dropped their three-year fixed home loan rates since July, including all four major banks. Westpac was the latest to drop its three-year fixed rate, cutting 10 basis points from its interest rate.

Of the 46 lenders, the average rate cut was 9 basis points, however eight lenders have cut their rates between 30 and 40 basis points.

Australian Bureau of Statistics data shows the percentage share of fixed home loans financed in June was 10.16 per cent – up from 6.93 per cent in June last year.

Source: The Adviser