Mortgage rates in Ireland continue to fall and are now at their lowest level since March 2023.
The gap between the Irish and eurozone averages also continues to narrow.
According to the Central Bank of Ireland, the average mortgage rate in the country is 3.60%, down from 4.11% in June last year. By comparison, the eurozone average is 3.29%.
However, rates vary significantly across the currency bloc, as has been the case over the years: from 1.72 percent in Malta to 4.15 percent in Latvia.
There are also significant differences in Ireland. Analysis by price comparison site bonkers.ie shows that for the average first-time buyer taking out a €300,000 loan with a 10% down payment, variable interest rates range from 3.18% to 4.70%.
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Dara Cassidy of bonkers.ie said the fall in average mortgage rates was positive news for first-time home buyers.
“There is now a possibility that the ECB could cut rates again before the end of the year, which means mortgage rates could come down a bit in the coming months,” he added.
“But the average rate of 3.60% is just an average.
“There are currently 10 lenders operating in the Irish mortgage market, and their rates vary widely. In addition, different lenders offer different repayment terms and incentives, which should also be taken into account.”
Sourse: breakingnews.ie
