Interest rates "are very low [and] continued to edge lower over recent months," the Reserve Bank of Australia emphasised in its monthly statement on monetary policy."Credit growth has picked up a little, including most recently to businesses," it said.The growth pulse may also being seen in consumer lending.National Australia Bank volunteered yesterday that "in August, one-year loans accounted for about 20 per cent of applications and two-year loans 25 per cent."Banks have focused pricing competition this year mainly around fixed rate pricing.Aggregator AFG reported that the proportion of fixed-rate loans written by its brokers rose from 24 per cent in July to 24.9 per cent in August.Broker franchise group Mortgage Choice said fixed-rate loans accounted for 24.2 per cent of loans written by its brokers in August - up from 23.8 per cent in July.Mortgage Choice spokesperson Jessica Darnbrough sad it wasn't surprising to see demand for fixed rates rise, given that a number of lenders cut their fixed rates in July.