Ireland still has 2nd highest euro zone mortgage rate

📆 7/13/2022 5:32 PM
📰 RTEbusiness

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The weighted average interest rate on new mortgages in Ireland was 2.73% in May, according to the latest figures from the Central Bank.

This was a reduction of 0.04% on the rate in April and a reduction of 0.07% on the same time last year.

The average mortgage rate across the Euro area was 1.76%. This increased by 0.17% compared to April and is 0.49% or almost half a percentage point higher than a year ago. The Central Bank also said today that the volume of new mortgage lending was €695m in May. This marked a 15% increase on volumes in April and a 21% increase on volumes in May 2021.

The European Central Bank will hold its next Governing Council meeting next week when it is widely expected to increase interest rates for the first time in over a decade.

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Irish mortgage rates still among highest in euro zone, adding to high living costsIrish banks continue to charge an interest rate premium on mortgage loans 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
Source: IrishTimes - 🏆 3. / 98 Read more »