According to the latest national home loan approval data from Mortgage Choice, fixed rate home loans made up just 17.91 per cent of all loans written in April - down from 18 per cent the month prior.

Just one year ago, fixed rate demand was sitting at record highs and now it is hovering near record lows.

This sudden drop in fixed rate demand appears to be caused by the fact that an increasing number of borrowers believe home loan interest rates may fall further in coming months.

This is understandable given that the Reserve Bank of Australia continues to indicate that further easing of monetary policy may be appropriate.

In the minutes of the April board meeting, governor Glenn Stevens said further easing of monetary policy may be necessary to foster sustainable growth in demand and inflation consistent with the target.

But while the Reserve Bank hasn't shied away from stating that further cash rate reductions may be necessary in the future, the board probably doesn't have the drivers to warrant another rate cut in May.

The latest data from the Australian Bureau of Statistics found unemployment fell slightly in April, while underlying inflation rose 0.6 per cent over the March quarter for an annual rate of 2.35 per cent - perfectly within the Reserve Bank's target range.

These two factors combined would suggest the drivers aren't there to encourage the Reserve Bank to cut rates again, though future rate cuts cannot be ruled out.

With that said, if you are looking to buy a home or an investment property this year, you should be able to take advantage of the historically low rates and future proof your wealth by purchasing an asset that will grow in value.

If you already have a mortgage, it is definitely worth giving your home loan a health check - a mortgage broker will be able to help with this and ensure that you're still in the right product.

By reviewing your current home loan you may find there is a better product for your needs.

In addition, you may find you are able to save yourself thousands of dollars over the life of your loan.

■ Richard Windeyer is a mortgage broker with Mortgage Choice. His advice is general in nature and readers should seek their own professional advice. Phone Richard Windeyer on 1800 01 LOAN.