Fixed home loan rates, particularly longer-term rates, came down in April, as lenders took advantage of lower benchmark rates and looked ahead to the peak in the monetary policy cycle. According to the latest Mozo Banking Roundup, there were 918 cuts to fixed rates and 138 increases last month. There were some substantial cuts. ANZ cut its three-year rate by 60 basis points to 5.49 per cent for owner occupiers paying principal and interest. Commonwealth Bank cut its three-year rate by 40 bps to 5.59 er cent for P&I loans. NAB cut a range of fixed rates by as much as 50 bps for owner occupiers and 60 bps for investors. Macquarie Bank reduced a range of fixed rates by up to 30 bps. Its leading rate of 5.29 per cent for three years, for loan with a loan-to-valuation ratio of 70 per cent or less. Despite saying it was happy to stay out of an “irrational” mortgage market, Bank of Queensland and its subsidiaries ME Bank and Virgin Money cut fixed rates by as much as 90 bps. All three year loans have a leading rate of 5.24 per cent for three years. Mozo said the rate leaders in its database include The Capricornian, offering 5.1 per cent for 12 months; Tic:Toc, offering 5.29 per cent for two years; The Capricornian, offering 4.99 per cent for three years; ING Bank, offering 5.34 per cent for four years; and Bank Australia, offering 5.39 per cent for five years. The current rate leaders in the variable rate market are Gateway Bank, with an offer of 4.89 per cent for owner occupiers for its Green Plus Home Loan; and Easy Street, which is offering 5.14 per cent for investors. Fixed mortgage rates are coming down at a time when demand for them is low. According to Australian Bureau of Statistics data, fixed rates accounted for just 5.4 per cent of new loans in February, which is down from 28.1 per cent in February last year.