What is the average variable rate right now?
The Australian Bankers’ Association said the average advertised headline standard variable home loan rate was 5.45 per cent in May 2015.
That is the lowest level for retail home mortgage rates since 1968.
The Reserve Bank is not expected to lower official cash interest rates in June from the current setting of 2.0 per cent.
AMP chief economist Shane Oliver expects the RBA’s cash rate to fall to 1.75 per cent in August 2015.
Source: Courier Mail