Rate on a new mortgage hits its highest level in years - RTE Radio 1

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New figures from the Central Bank of Ireland show that the average interest rate on a new mortgage has breached the 4% mark for the first time in years.

Daragh Cassidy, Head of Communications at, spoke on Drivetime about how mortgage rates in Ireland compare to our European neighbours. 

  • The average interest rate on a new mortgage jumped from 3.8% in May to over 4% in June.
  • This is the first time in years that we've breached the 4% mark and it is the second biggest rate hike in the Eurozone.
  • Mortgage interest rates vary across Europe. Rates are still under 2% in Malta but are 6% or higher in some of the Baltic countries like Latvia and Lithuania. Ireland is in the middle of the table. 
  • The average rate here is 4.04% which isn’t bad compared to other European countries, however, it is still having a negative effect on Irish mortgage applicants and holders. 
  • The impact of the rate hikes from the European Central Bank is now well and truly being felt by consumers and it may raise rates even further in the future.
  • Consumers may not see rates fall until early 2025 and even then it looks like higher interest rates are here for the foreseeable future.
  • Consumers need to prepare and budget for the rate increases that may come further down the line. 

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