It really depends on the AUD now, forget bank mortgage rates.
The buck is still too high but herein lies the problem. It's recent fall is due to the increase of the USD.
If rates go up in the US this year the USD will rise and if not they will fall.
So I'd think Glenn and his motley mob on Martin will be watching the FED very closely. If the FED fails to raise rates this year (a very good possibility) our o/n rate will drop like a stone.
And for those who think global rates should rise; why raise rates when global growth is so anemic? Who wants a global recession or worse?
