First Active has announced reductions in its fixed-rate mortgages, effective immediately for new business.

The rate for one-year fixed mortgages on loans for less than 80 per cent of the value of a house drops from 5.9 to 5.88 per cent and from 5.93 to 5.9 per cent for loans over 80 per cent of the value. The two-year fixed rate goes from 6 to 5.97 per cent; for three year fixed from 6.04 to 6.01 per cent; for four-year fixed from 6.13 to 6.09 per cent and for five year fixed from 6.26 to 6.13 per cent.

The reductions apply also to Utopia, the refinancing product.