Fixed mortgage rates (and term deposit rates) have been cut by ASB to signal a final December push for precious housing sale transactions

This morning, ASB's website reflects some rate cuts, bringing them more into line with their main rivals.

These follow cuts to fixed rates last week by ANZ, Westpac, and the Co-operative Bank.

Competitive rates are the last chance banks now have to win business before the 2024 house selling season ends, probably winding down quite quickly after the end of next week.

There isn't much evidence the November house reselling period was anything special. Inventory overhang is high and buyers have learned to be parsimonious in their offers. The deals that do get done are those where sellers are prepared to meet this buyer's market. (Median prices are holding up solely because of the shift in sales transactions to locales that have higher prices.)

Refi business winds down quick too at this time of the year.

But carded rates are one thing. Actual off-card rates are often lower.

The reader-reported mortgage rates are fluid so we need you to record them in the comment section below, which helps us stay on top of this fast-changing corner of the home loan rates market

Almost all banks will have some flexibility in their rate offers. So the carded rates are just the start. Negotiate. How flexible they may be will depend on the strength of your financials.

One useful way to make sense of the changed home loan rates is to use our full-function mortgage calculator which is below.

ASB matched these fixed mortgage rate cuts with term deposit rate cuts. Term deposit rates can be assessed using this calculator.

And if you already have a fixed term mortgage that is not up for renewal at this time, our break fee calculator may help you assess your options. Break fees will be minimal in a rising market. But they become important in a falling market, like now. Don't forget, when you sign up for a fixed rate you are signing a contract. You have been given the right to break it in legislation but the bank has the right to reclaim its costs when you do so. This is NOT evidence of banks making it hard to switch (as some borrowers, and sadly some journalists seem to think).

Here is the updated snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment. 

Fixed, below 80% LVR	6 mths	1 yr	18 mth	2 yrs	3 yrs	4 yrs	5 yrs
as at December 2. 2024	%	%	%	%	%	%	%
ANZ	6.24	5.79	5.59	5.59	5.59	6.19	6.19
current reader-reported rates
	6.19 -0.20	5.79 -0.20	5.59 -0.20	5.49 -0.20	5.59 -0.10	5.79	5.79
current reader-reported rates
	5.99	5.95	5.89	5.69	5.69	5.59	5.59
current reader-reported rates
	6.49	5.79		5.69	5.69	5.69	5.69
current reader-reported rates
	6.19	5.79	5.69	5.49	5.59	5.59	5.59
current reader-reported rates
Bank of China	6.65	5.99	5.79	5.69	5.69	5.49	5.49
China Construction Bank	6.50	5.99	5.79	5.69	5.69	6.40	6.40
Co-operative Bank	6.19	5.79	5.69	5.75	5.69	5.69	5.69
Heartland Bank		5.65	5.59	5.55	5.55
ICBC	6.39	5.99	5.79	5.65	5.59	5.49	5.49
	6.60	6.15	5.79	5.69	5.69	5.69	5.69
	6.45	5.69	5.89	5.69	5.69	5.69	5.69