CBA lifts fixed rates

Commonwealth Bank will lift its longer term fixed rate mortgages today.

Rates on a seven year fixed rate mortgage will rise by as much as 0.55%, while three and four year terms are also expected to rise.

Analysts believe the rate cycle has turned with fixed rate mortgages now due to start rising again across the board. However one and two year fixed rate mortgages are still below the average variable rate loan.

ANZ has reduced its 12 and 24 month fixed loan rates to 5.35% and 5.69% respectively. However, ANZ has increased its 3 year fixed rate to 6.34% and its four year fixed rate to 6.19%. NAB has increased its 3 year fixed rate by 1 per cent since April 2009.