Mortgage rates fell to their lowest level in nine months following a drop in May, as per the latest figures from the Central Bank of Ireland.
The average interest rate on a new mortgage in Ireland stood at 4.17 per cent in May — a decrease of 0.07 percentage points compared with April.
However, Ireland still had the joint sixth highest rates in the Eurozone, where the average remained steady at 3.80 per cent.
Several banks including AIB, Bank of Ireland, and PTSB cut their rates in anticipation of European Central Bank’s rate cut decision last month.
It is widely expected that ECB will reduce its interest rates again in September that could put further downward pressure on mortgage rates.