Bank of Ireland hikes variable mortgage rates 0.25% effective today

It is the bank’s first change to its variable rates since the European Central Bank started raising interest rates in July 2022. To date, the ECB has increased interest rates by a cumulative 4.5 per cent.The increases see the rate for mortgages with a loan-to-value of up to 60 per cent jump to from 3.9 per cent to 4.15 per cent, while those with a loan-to-value from 61 per cent to 80 per cent will increase from 4.2 per cent to 4.45 per cent.

The European Central Bank kept its interest rates unchanged on Thursday following a series of 10 consecutive hikes since July last year, amid growing signs that its efforts to fight inflation are having an impact. Inflation in the euro zone fell to 4.3 per cent September from 5.2 per cent in August and a record 10.6 per cent last October, but is still running at more than double the ECB’s 2 per cent target.

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