Fixed-rate cuts continue 30 September 2011 4:09PM John Kavanagh Consumer lending, Fixed mortgage rate cutting went into overdrive yesterday, with announcements by St George Bank, ING Direct, CUA and Firstfolio.Lenders have taken advantage of the steep falls over the past month in the swap rates they use to hedge their fixed rate exposures.They hope the rate cuts will give them something with which to entice cautious borrowers into the fold.CUA issued a press release yesterday saying its three-year fixed rate of 6.34 per cent was the leading rate. But within a couple of hours ING Direct was saying its three-year rate of 6.29 per cent was the lowest.According to the comparison website, Infochoice, lenders have been cutting fixed rates fairly steadily since late July, with some lenders cutting them as many as four times in that period.The average three-year home loan rate has fallen 27 basis points over the past two months - from 7.06 per cent to 6.79 per cent. The lowest three-year fixed rate is 6.29 per cent.The average two-year rate has fallen 24 basis points to 6.74 per cent over the same period. The lowest two-year rate is 6.2 per cent.The average four-year rate has fallen 30 basis points to 7.17 per cent. The lowest four-year rate is 6.7 per cent.The average five-year rate has fallen 30 basis points to 7.25 per cent. The lowest five-year rate is 6.69 per cent.The most competitive variable rates are around 6.8 per cent.