When the Reserve Bank cut the cash rate by 25 basis points in December lenders responded by cutting their variable mortgage rates by an average of 20 basis points.But, since December, discounting has taken another 15 basis points off mortgage rates.According to indicator rate data published by the Reserve Bank yesterday, the average standard variable mortgage rate offered by a bank dropped from 6.65 per cent in November to 6.45 per cent in December. Since then it has remained unchanged.However, the average discounted rate dropped from 5.85 per cent in November to 5.7 per cent in December and since then this has dropped further to 5.5 per cent.For consumers, one conclusion to draw would be that refinancing might be a good idea.The average three-year fixed rate, at 5.45 per cent, is 20 basis points below the average discounted variable rate - which helps accounts the for popularity of fixed rates at present.According to the RBA figures, the average discounted variable rate offered by mortgage managers is 5.40 per cent - 10 basis points lower than the banks' rates. However, this rate has not moved since December.