The two year swap rate, which gives a good indication of what it costs banks to fund home loans, has started to pick up. This is at odds with the trend for the rates being offered to borrowers.
In the past few weeks all banks have dropped two year rates.
This fall isn't expected to last for long and rates will start rising in line with swap rates.
Bearing that in mind the recent cuts look like a window of opportunity for borrowers to fix at favourable rates.