The tide has turned in the term deposit market, with deposit takers cutting rates over the past month.Infochoice data shows 18 institutions changing their 12-month TD rates in April (the most active segment of the market), with all but four reducing rates.Recent term deposit pricing reflects the reduced demand for home loans and other consumer borrowing. The pressure is off banks to raise deposits.Rate cuts were as much as 25 basis points on a 12-month term, but most were between five and 15 basis points.For any term shorter than 12 months the trend was similar.In the case of terms longer than a year, the rate cutting has been going on for longer. Almost all the rate changes recorded by Infochoice for three- and five-year terms since late January have been reductions.