In a recent move, Commonwealth Bank has adjusted its owner-occupier loan rates, raising them by up to 0.7 percentage points. Consequently, the bank’s most competitive fixed loan rate now stands at 5.79% for a two-year term.

Coinciding with this change, Macquarie Bank also increased its rates by 0.25% across all fixed loan durations. Their most affordable rate is now 5.59% for a one-year term.

It’s worth noting that Macquarie had previously implemented a rate increase earlier on December 5.

Following these adjustments, NAB emerges as the major bank offering the lowest fixed rate, with a 5.39% rate available for both one-year and two-year terms.

“This shift is part of a broader trend among major banks in December, as the fixed rate market anticipates potential increases in the cash rate,” explained Sally Tindall, Canstar’s director of data insights.

The RBA next meets to determine the cash rate on February 2.

It has held interest rates at 3.6 per cent for several months now, amid worries over stubborn inflation.

Tindall said Canstar expected banks to continue hiking rates ahead of the next meeting.

“The fixed rate tide is on the way out, but there’s still a smattering of lenders still offering rates under 5 per cent. How long they’ll hold on is a different question,” she said.

“Canstar data show there are just 16 lenders offering a rate under 5 per cent – a significant drop from 27 a month ago.

“If this trend continues, as we expect it to, the list of lenders offering fixed rates starting with a ‘4’ could be down to single digits by the time the next RBA meeting comes around.”

Rate tracking by Canstar showed a total of 34 lenders had hiked at least one fixed rate in the past month.

Others at the end of last year suggested it would continue to hold steady, but without further cuts.