As at the end of February 2024, the average variable home loan interest rate for an owner-occupier mortgage (for new home loans) was 6.27% p.a. This rate followed the Reserve Bank of Australia (RBA)'s decision to keep the cash rate unchanged at 4.35% since its last increase in November 2023. Fixed-rate loans are often converging with, or even cheaper than variable-rate loans, at the moment which is unusual.