ANZ Banking chief executive Mike Smith has warned mortgage holders not to fix their home loan rates yet, saying interest rates may continue to fall.

Smith, who addressed the Australian Institute of Company Directors in Brisbane yesterday, was asked if the cash interest rate could go any lower from its 49-year low of 3%.

'Yes, I do,' he said. 'I think it can. I think it depends very much on what happens in the next few months.'

Asked if mortgage holders should fix their interest rates, he said: 'I wouldn't be in a hurry.'

The Age