Most Australian mortgages are variable, so their rates move within weeks of a cash rate change. US mortgages are mostly fixed for 30 years and priced off long-term bond yields plus a margin.
Why it matters
Mortgage rates set what buyers can borrow and so drive house prices and building activity. They are the main channel through which monetary policy reaches Australian households.
See the data: Australian mortgage rate, US 30-year mortgage rate.
General information, not advice.