Fixed rates still cheaper than variable rate mortgages

Data from InfoChoice shows that it is possible to lock into a three-year fixed rate at below standard variable rates, with many lenders still offering rates in a range from 6 per cent to 6.5 per cent. This compares with the average standard variable rate across all lenders of about 6.8 per cent. But cheap fixed rates may not last long, assuming long term bond yields rise as the Reserve Bank pushes up short term interest rates.