Mortgage interest rates continued to fall in August, even though there here has been no changes to the cash rate since July. Comparison sites are reporting that the action is in the fixed rate market.Canstar reports that there were 686 cuts to variable and fixed rates by 48 lenders in August, and only five increases. The average rate reduction on owner-occupier variable rates was 35 basis points. The average fixed rate reduction was 38 basis points.Mozo reports that leading rates for all fixed terms now start under 3 per cent. The lowest one-year rate is 2.79 per cent, which is being offered by Greater Bank.Well Home Loans is offering the lowest two-year rate, at 2.74 per cent, and the lowest three-year rate, also at 2.74 per cent.A number of lenders are offering 2.99 per cent for four years. They include BankSA, Bank of Melbourne, Greater Bank and St George Bank.The best five-year rate - 2.99 per cent - is being offered by Citibank, Greater Bank, BankSA, Bank of Melbourne and St George.  RateCity says the average three-year fixed rate for owner-occupier on its database is 3.5 per cent.RateCity research director Sally Tindall said there were 30 lenders offering fixed rates under 3 per cent and she expected more would follow as the expectations of another rate cut increase.The RateCity data base has a three-year rate of 2.77 per cent, being offered by Kogan Money.