The average interest rate on a new home loan hit its highest level in close to seven years, and Ireland now has the sixth highest average mortgage interest rate in the EU, according to the latest Central Bank data.
“Irish mortgage rates are now at their highest level since at least August 2017,” Daragh Cassidy of price comparison site Bonkers.ie said in a statement. “The gap between Irish and eurozone rates is now at its widest level since July 2022,” he added.Sports fans told to brace for impact of Dublin Airport passenger cap
“These lower rates should feed through into the figures over the coming weeks. Avant Money has also cut its rates however the lender isn’t included by the Central Bank in the data at present,” he said. “At present it still seems highly likely that the ECB will cut rates at least more than once this year.”
“Regardless of how quickly or by how much rates fall this year, the tens of thousands of mortgage holders on fixed rates which are due to come to an end over the next few months still need to be preparing for potentially higher repayments,” he said.
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