A mortgage broker says they've never seen so many borrowers on short-term rates

Reserve Bank data shows 90-percent of new mortgage lending in October was on floating rates, or fixed for a year or under .

Squirrel Mortgages CEO David Cunningham says it's pretty much the most he's seen in 30 years in the sector.

He says Kiwis were clearly hoping interest rates would fall after November's OCR decision - as they did.

Cunningham says for almost everyone, average interest rates are going to fall from about 6.5-percent to sub five-percent over the next 12-to-18-months.