Central Bank data, published on Wednesday, shows the average rate charged on new mortgages in the State in the 12 months to May was 2.73 per cent compared to a euro area average of 1.76 per cent.
The headline Irish rate was, however, down from 2.77 per cent in April. The Republic was also the only country to see a fall in its mortgage rates in May. All other countries saw invreases in their average rate, some of which were significant. “These figures show the peculiarities of the Irish mortgage market. Rates here have been wildly out of kilter with the rest of the euro zone for years,” Daragh Cassidy, head of communications at price comparison website B“That continues — but this time it’s more positive.
“It’ll somewhat depend on the competitive pressures the banks feel under. On this point, it was encouraging to hear the CEO of Permanent TSB say last month that he feels the bank as well as the other Irish retail banks have the capacity to absorb the initial round of ECB rate hikes,” he said.
They were always on the higher end, cost of living driven by inflation due to cost of oil simple. Markets playing the oil crystal ball driving profits for the few as ever and hardships for the rest of us simple as that