Rate cuts spread from fixed rate loans to variable rates yesterday.AMP is now offering a variable, no frills home loan rate of 4.74 per cent, down from 4.9 per cent earlier. This shifts them from the sixth to the third page on the Canstar site.The market leader is loans.com.au (a FirstMac brand) with a rate of 4.54 per cent. Only NAB among the larger bank names comes close to competing at this level.According to the big banks, around 5.09 per cent is the right level, before discounting.The most expensive variable rates in the Canstar database, with offset features, stretch up to 6.4 per cent.