Irish mortgage rates continue to fall but still above euro zone average
The gap between the average rate in Ireland and that of the euro zone also continues to narrow.
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The average Irish mortgage rate is now 3.60 per cent, down from 4.11 per cent in June last year, according to the Central Bank of Ireland. This compares to the euro zone average of 3.29 per cent.
However rates varied hugely across the currency bloc as they have done for years – from as low as 1.72 per cent in Malta to as high as 4.15 per cent in Latvia.
Wide variations also exist within Ireland. An analysis by price comparison site bonkers.ie shows that for the average first-time buyer borrowing €300,000 with a 10 per cent deposit, variable rates range from 3.18 per cent to 4.70 per cent.
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Daragh Cassidy from bonkers.ie said the drop in the average mortage rate was good news for first-time buyers.
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"At present, there's still a likelihood the ECB will cut rates once more before the end of the year, meaning mortgage rates should creep slightly lower over the coming months," he said.
"But the 3.60 per cent average rate really is just that – an average.
"There are 10 lenders in the Irish mortgage market at present and there's a wide variation in rates across them all. And different lenders offer different cashback deals and incentives, which also need to be taken into account."
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