This month's 50 basis point cut to the Reserve Bank's cash rate was made with a view to dragging borrowing rates lower, and reversing the trend of rising lending rates, the Reserve Bank of Australia made clear in minutes of its monetary policy meeting, released yesterday.RBA staff briefed the board on the (well known) fact that "interest rates faced by the general community had tended to increase a little since the previous change to the cash rate in December 2011."The RBA estimated the rise in lending rates paid in recent months at between 10 and 12 basis points.The RBA board "judged it to be desirable that interest rates move below those that had prevailed in December," the minutes show.In addition, the minutes say: "A reduction of 50 basis points in the cash rate was, in this instance, necessary in order to deliver the appropriate level of borrowing rates."On home loan rates, if not for other product categories, rates have declined by between 30 and 40 bps since the RBA announced the lower cash-rate target two weeks ago.