Recent data from the Central Bank reveals a concerning trend for homeowners in Ireland. Mortgage interest rates have surged to a seven-year peak, reaching an average of 4.31% in March. This marks the third consecutive year of rate hikes, placing Ireland at the sixth spot for the highest mortgage interest rates within the Eurozone.
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Contrary to the Eurozone’s average rate of 3.84%, Ireland’s figures have been climbing steadily. However, there’s a glimmer of relief as the nation witnessed a slight dip in rates for the fourth consecutive month.
Comparatively, Malta boasts the lowest mortgage interest rate at 1.96%, while Latvia grapples with the highest at 6.16%.
Adding to the economic landscape, anticipation mounts for a potential interest rate cut by the European Central Bank in June, possibly by 0.25%. This development could offer some respite to borrowers navigating Ireland’s challenging mortgage market.