Mortgage rates falling but Ireland still among EU countries with highest borrowing costs
Irish mortgage rates continued to ease in April, though Ireland still has the fifth-highest rates in the euro zone.
The average mortgage rate fell to 3.72 per cent in April from 3.77 per cent in March, according to new figures from the Central Bank.
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This is the third month in a row that rates have fallen, bringing them to their lowest level in two years.
The euro zone average rate increased marginally to 3.34 per cent. However rates varied hugely across the currency bloc, from as low as 1.69 per cent in Malta to as high as 4.40 per cent in Latvia.
Data from the Central Bank also showed that the average interest rate on household deposits with a fixed maturity fell from 2.26 per cent to 1.95 per cent, as recent ECB rate cuts put pressure on savings and deposit rates.
Daragh Cassidy, from price comparison site bonkers.ie, said mortgage rates will continue to drop lower over the coming months.
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"The lowest rate in the market is currently just under 3 per cent, which is with Avant Money's new tracker-like variable product which is benchmarked against the Euribor. And AIB and PTSB both offer fixed rates as low as 3 per cent — albeit with caveats.
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"So rates below the Eurozone average are available to first-time buyers, movers and switchers in Ireland who are prepared to shop around."
Trevor Grant, chairperson of Irish Mortgage Advisors, said borrowers should take advantage of the heightened competition in the market.
"Now is a really good time to consider shopping around to get better terms on your mortgage and potentially save thousands of euro," he said.
"Market-based advice from a mortgage broker is essential in order to understand all of your options as whilst your own bank may offer you the best terms available for you, they are not obliged to tell you about better terms which exist elsewhere."
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