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Is there a rule that says it must be in multiples of 25? What about an 87 basis-point drop.

Yes of course. I just wanted to illustrate that it's not always about saving money, hence in my example fixing costs more.

Sunshine, the purpose of locking in rates in a lot of cases has nothing to do with saving money, but is simply to have the certainty of a fixed repayment amount each and every month. For example, it might be easier to sleep at night if your payments looked like: $4000, $4000, $4000, $4000...

Increasing rates is usually referred to as 'the brakes'. Dropping rates is the accelerator :)