Now's the time for home owners with mortgages to shop around for a better deal.
Interest rates are tipped to fall further as the mortgage war between banks heats up.
This week Co-Operative Bank slashed its rate for an 18 month term to 4.99 percent.
Broker Bruce Patten expects there'll be some sharp pencils as banks go head to head for home loan business.
"You can't really afford to sit on floating because it's so much higher, you know it's well in excess of 6 percent.
"But certainly I would be taking a wait and see approach and look at a short term, say a six month."
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