Commonwealth Bank, Rams and Heritage Building Society this week joined in the move to cut fixed mortgage rates. Over the past month there have been deep cuts to fixed rates and some two- and three-year loans are now cheaper then variable rate loans.Commonwealth Bank cut its two-year rate 25 basis points, from 7.54 to 7.29 per cent, its three-year rate 45 basis points, from 7.89 to 7.44 per cent, its four-year rate 15 basis points, from 8.09 to 7.94 per cent, and its five-year rate 15 basis points, from 8.19 to 8.04 per cent.In recent weeks St George and Bank SA cut their two-year fixed rates by 40 basis points, from 7.54 to 7.14 per cent in both cases. Westpac cut its three-year fixed rate by 40 basis points, from 7.79 to 7.39 per cent.AMP cut its three-year fixed rate by 30 basis points, from 7.89 to 7.59 per cent, and its five-year fixed rate by 30 points, from 8.39 to 8.09 per cent. Greater Building Society and BankWest made cuts of 15 basis points or more in the past few weeks.Hunter Credit Union cut its one-year rate by 75 basis points, from 7.74 to 6.99 per cent. ANZ cut the rates on its 10-year fixed rate home loan 76 basis points, from 8.9 to 8.14 per cent. ANZ also cut its two-, three- and five-year rates. Rams cut rates by 30 basis points.The best two-year fixed rates are now below 7.2 per cent. The most competitive lenders in this segment are Rams, Bank of Queensland, HSBC Nationwide Mortgage and ANZ.Borrowers can get three-year rates below 7.5 per cent from Rams, Heritage Building Society, Westpac, Commonwealth Bank, National Australia Bank, Better Option Home Loans and Greater Building Society. But the fixed rate movements have not all been one way. A number of lenders have put their fixed rates up in recent weeks - some by as much as 35 basis points.Conflicting forces are at play. Lenders face ongoing funding pressure and higher funding costs, but at the same time swap rates have come in, reflecting the rally in bond yields in the past couple of months.Commonwealth Bank executive general manager retail products, Michael Cant, said: "The swap curve is down because the market has changed its view about where the cash rate is heading."We fund globally but our interest rate exposure on fixed-rate loans is at swap. You have to remember that when you change a fixed rate you are only changing the rate for new loans."Head of macro markets fixed interest at AMP Capital Investors, Simon Warner, says fixed-rate loans are at attractive levels. "Some of them are lower now than when the Reserve Bank started putting rates up last year. This is definitely an opportunity for borrowers."It is hard to see them going any lower than they are now. Some big economic issue would have to come into play for that to happen. If I were a risk-averse borrower I would be locking in."Our view is that the