The average interest rate on new Irish mortgages increased to 3.82 per cent in January, up from 3.8 per cent in December, despite recent rate cuts from the European Central Bank, according to new figures from the Central Bank.
Ireland now has the fifth highest average mortgage rates in the euro zone, where the overall average rose by one basis point to 3.36 per cent in January.
Mortgage rates varied significantly across the euro area, with Latvia recording the highest at 4.5 per cent and Malta the lowest at 1.64 per cent.
The total volume of pure new mortgage agreements fell to €677 million in January, a sharp 42 per cent monthly decline, but still 25 per cent higher than in January 2024.
Renegotiated mortgages amounted to €226 million, down €30 million from the previous month but €84 million higher than the same period last year.