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Average interest rate on new mortgage falls slightly, Central Bank data shows

By January 11, 2024No Comments

The average interest rate on a new mortgage in Ireland fell slightly again in November, new figures from the Central Bank show.

The rate dropped from 4.27% in October, to 4.25% in November.

This means that Ireland had the tenth lowest rate in the euro zone.

The lowest rate was in Malta at 1.93%, while the highest was in Latvia at 6.26%.

Today’s data shows that the euro zone average increased to 4.13%.

“It’s interesting to see the average mortgage rate creep lower for the second consecutive month in November and our rates are now very close to the euro zone average again,” said Daragh Cassidy, Head of Communications at mortgage broker bonkers.ie.

“However no lender has actually decreased its rates over the past few weeks apart from PTSB, which cut one of its main rates in December,” he added.

Mr Cassidy said some of the main lenders could hike their rates a bit more over the coming months.

But he said it does look like Irish mortgage rates will end up peaking at a lower level than many would have forecast.

Today’s figures from the Central Bank show that the average interest rate on household deposits with a fixed maturity inched up to 2.62% in November.

However, the interest rate on demand deposit accounts was much lower at 0.12%.

Around €140 billion of the €153 billion Irish households currently have on deposit is in these accounts.

Article Source – Average interest rate on new mortgage falls slightly, Central Bank data shows – RTE

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