Graph 2  Table 2: Mortgage Rates on New Housing Loans*  Predominant Mortgage Type  Current Rate  10-year Average Rate  Deviation from Average  Australia  Standard variable  5.16  6.85  -1.70  United States  30-year fixed  4.63  6.42  -1.79  Canada  5-year fixed  3.89  5.65  -1.76  United Kingdom  Standard variable  3.83  6.5  -2.67  United Kingdom  3-year fixed  4.33  5.58  -1.25  New Zealand  2-year fixed  6.19  7.79  -1.60  Germany  Fixed (>10 years)  4.49  5.33  -0.84  Sweden  Variable  2.16  4.18  -2.02  **  **  Sources: Bloomberg; Thomson Reuters; national data * Data: to April for Australia, US and Canada; to March for UK and NZ; and to February for Germany.
** In the UK, variable rate and 1–5 year fixed-rate loans account for approximately the same proportion of the market. BIS Review 67/2009  5  In assessing the level of global interest rates, it is important to look not just at official rates, but at a broader spectrum of rates faced by borrowers.