The mortgage market realignment continued last week as numerous lenders cut variable rates and an even larger number increased fixed rates.

Commonwealth Bank increased a range of fixed rates, for the third time in as many months. The biggest increase was in three and five-year owner occupier principal and interest loans, which each rose 30 basis points. The bank’s three-year rate has gone up by a total of 80 bps to 2.99 per cent since the start of September and its five-year rate has gone up 40 bps to 3.39 per cent over the same period (rates are for owner occupier principal and interest Wealth Package loans).

The bank also increased its one, two and four-year rates on Friday.

Canstar reported that in the week ending 23 November, 32 lenders increased fixed rates and seven lenders cut fixed rates.

In the same week, 14 lenders cut variable rates by an average of 17 bps.

Westpac cut the rate on its Flexi First Option Home Loan. Previously it had a two-year introductory rate of 1.99 with the product. It dropped the intro rate and reduced the ongoing rate by 30 bps to 2.19 per cent for owner occupiers and 2.49 per cent for investors.

Westpac’s rates for borrowers with high loan-to-valuation ratios are higher – 2.29 per cent for owner occupiers with an LVR of 95 per cent and 2.59 per cent for investors.

Canstar said there are still plenty of fixed and variable rate loans with rates under 2 per cent – 91 fixed rates and 61 variable.

The lowest rate in the market is still a fixed rate. Greater Bank is offering 1.59 per cent for terms of one and two years on loans with balances above A$150,000 and maximum LVRs of 80 per cent.

For longer terms, Australian Mutual Bank is offering 1.98 per cent for three years, Regional Australia Bank is offering 2.39 per cent for four years and BankVic is offering 2.49 per cent for five years.

The lowest variable rate is 1.77 per cent, which Reduce Home Loans is offering on loans with maximum LVRs of 80 per cent.