There's a prediction big drops in mortgage rates are on the cards.

Both ANZ and ASB have lowered some of their mortgages rates, following the Reserve Bank's decision to keep the Official Cash Rate unchanged at 5.5 percent.

KiwiBank Chief Economist Jarrod Kerr says if the central bank starts cutting in November, it could be just the start.

"They'll be cutting throughout 2025, so we'll see mortgage rates, I think, fall quite sharply next year."

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