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.
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.