Home borrowers are being urged to consider fixing their mortgage rates because of the increasing odds there will be only one more interest rate cut this cycle.

On Tuesday, the Reserve Bank of Australia left interest rates on hold at 3.6 per cent, confirming traders’ expectations the chances of a cut was just 4 per cent, arguing inflation was worse than anticipated only a month ago.

“Recent data, while partial and volatile, suggest that inflation in the September quarter may be higher than expected,” it said.

Three of Australia’s big four banks - Commonwealth, Westpac and ANZ - expect a cut in November, coinciding with the Melbourne Cup, after data on inflation in July, August and September is published October 29.

After that, economists and the futures market predict the cash rate will

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