The continuing slide in wholesale money market yields has brought the 90 day bank bill rate down from 2.80% at the beginning of the year, to 2.62% now, following the lead of the RBNZ's lower-for-longer rate signals.

In fact, the 30 day bill rate is now just 2.58%.

And wholesale swap rates are falling too, over the same period.

These changes are allowing some small, but regular cuts in fixed mortgage rates - no doubt spurred along by competitive pressures resulting from the low levels of real estate transactions occurring in the housing market.

As at today, the 'best rates' (ie lowest rates) by banks for floating rate housing loans are:
1. BNZ Total Money at 5.59%
2= Kiwibank variable at 5.65%
2= Westpac Choices Everyday at 5.65%

For a one year fixed rate loan, 'best rates' are currently
1. HSBC Premier at 5.99% (there are special conditions for this one)

For a two year fixed rate loan,
1. TSB Bank has a rate of 7.09%
2= ASB, BNZ,and Kiwibank all offer 7.10%

For a three year fixed rate loan,
1. BNZ Classic is now at 7.50%
2. HSBC Premier is at 7.69% (with conditions)
3. ASB, Kiwibank, and Westpac all offer 7.70%

For a five year fixed rate loan,
1. HSBC Premier is at 7.99% (with conditions)
2= ANZ and BNZ both offer 8.49%

Among the non-bank home loan providers, FinanceDirect's 5.69% variable rate will be worth checking out, as will PSIS's variable offer of 5.75%. Southern Cross Building Society and PSIS are also competitive at certain fixed rate terms. And some credit unions have good deals for members, especially the Police & Families CU at the moment.

Highly competitive rate offers do depend on your income, credit profile, LVR , other debt obligations, and amount you need to borrow. But it always pays to shop around.

You can stay up with these daily-changing mortgage rates by checking this page here, which we update as soon as we know of changes.

Bernard Hickey's brother-in-law guide is a valuable briefing if you are in the mortgage market for either a new loan, or a roll-over.