Irish mortgage rates continued to fall in April, but the country still has the fifth-lowest rates in the eurozone.
According to new data from the Central Bank, the average mortgage interest rate fell from 3.77% in March to 3.72% in April.
This is the third month in a row that rates have fallen, reaching their lowest level in two years.
The average rate across the eurozone rose slightly to 3.34%. However, rates varied widely within the currency bloc, ranging from 1.69% in Malta to 4.40% in Latvia.
Central bank data also showed that the average interest rate on fixed-maturity household deposits fell to 1.95% from 2.26% as the ECB's recent rate cuts weighed on savings and deposit rates.
Dara Cassidy, of price comparison website bonkers.ie, said mortgage rates were set to continue to fall in the coming months.
“The lowest rate on the market at the moment is just under 3 per cent, which is the new floating product Avant Money, which is linked to Euribor. Both AIB and PTSB offer fixed rates at 3 per cent – albeit with certain conditions.”
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“This means that below-the-Eurozone average rates are available to first-time buyers and those moving to Ireland who are prepared to assess market prices.”
Trevor Grant, chairman of Irish Mortgage Advisors, said borrowers should take advantage of increased competition in the market.
“Now is the perfect time to look at different options to get better mortgage terms and potentially save thousands of euros,” he said.
“Consulting with a mortgage broker based on current market information is essential to understanding all your options, as while your bank may offer you the best terms, it is not obligated to inform you of the best deals on the market.”
Sourse: breakingnews.ie
