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Irish mortgages rates still second highest in euro zone

Ireland’s mortgage rates for new loans remained the second highest in the euro area in November, according to the Central Bank. Greece had the highest rates in the euro area.

The weighted average interest rate on new mortgages was 2.7% in November, a reduction of 8 basis points or 0.08%, on November 2020.

The euro area average was 1.3% in November.

For new fixed rate mortgages, the Central Bank said the average was 2.59%, down eight basis points compared to November 2020 and down two basis points compared to October 2021.

Fixed rate mortgages now comprise 83% of new mortgages.

Today’s figures also show that the average for new variable rate mortgages was 3.28%, down four basis points from November 2020.

€843m in new mortgages was issued in November, an increase of 3% compared to November 2020 and up 7% compared to October last year.

The rate on new consumer loans was 7.85% in November. The euro area average was 5.18%.

Meanwhile, €132m in new consumer loans were issued in November – an increase of €18m or 16% on November 2020.

Daragh Cassidy of price comparison website said our interest rates in Ireland are still over double the EU average, which he described as “deeply frustrating”.

“According to the Banking and Payments Federation Ireland (BPFI), the average first-time buyer mortgage in Ireland is around €250,000,” he said.

“This means someone borrowing this amount over 30 years is paying around €172 extra a month, or almost €2,100 a year, compared to our European neighbours,” he explained.

“It’s a large sum of money and really adds to the higher cost of living in Ireland.”

Article Source – Irish mortgages rates still second highest in euro zone – RTE

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