First Active last week announced further reductions to its fixed rate mortgages, making the one year fixed rate of 5.88 per cent APR the lowest cost mortgage rate in the market.

The reductions in the one-, two-, three-, four- and five-year fixed rates are effective for new business immediately. The two year rate stands at 5.97 per cent APR and the five-year fixed rate is now 6.13 per cent APR.