New figures from the Central Bank show that the average interest rate on new Irish mortgages rose to 3.82% in January from 3.8% in December despite recent rate cuts from the European Central Bank.
The Central Bank said that Ireland has the fifth highest average mortgage rates in the euro zone as the euro average increased by one basis point to 3.36% in January.
Euro zone mortgage rates differed greatly in January with the highest at 4.5% in Latvia and the lowest at 1.64% in Malta.
Today’s Central Bank figures showed that the total volume of pure new mortgage agreements decreased to €677m in January, a drop of 42% in monthly terms, but a 25% increase from January 2024 .
It noted that renegotiated mortgages totalled €226m in January, €30m lower than the previous month and €84m higher than January 2024.
Meanwhile, interest rates on household overnight deposits stood at 0.13% in January, unchanged from the same month last year.
The Central Bank said the weighted average interest rate on new household deposits with agreed maturity decreased to 2.28%, its lowest level since August 2023, a 17 basis point decrease from December and a 23 basis point decrease on last year.
Article Source – Irish mortgage rates edge higher in January despite ECB cuts – RTE
