Housing interest rate reductions showing up in the data

This chart shows the May data for housing loans. Of the five series for housing interest rates provided by the RBA in their table F5, I have selected three that give a feel for the range. The green line is the mortgage manager's basic variable rate (typically the lowest rate). The red line is the bank three-year fixed term rate. The blue line is the bank standard variable rate (typically the highest rate, one which I assume very few people pay). The bank discounted rate currently sites 30 basis points above the mortgage manager basic rate.

The grey line is the RBA's official intertest rate. Of note, the May cut in official interest rates was not fully passed on.

The story over the longer run is as follows.

The spread between the official interest rates and what you pay for a housing loan, while not at record levels is moving towards the higher end of its 20 year range ...