The average interest rate on new Irish mortgages fell to 3.8 per cent in December, down from 3.97 per cent in November, according to new figures from the Central Bank.
This marks the lowest rate since April 2023.
The Central Bank also reported that the average mortgage rate across the euro area decreased by eight basis points to 3.35 per cent in December.
While Irish mortgage rates remained above the euro area average by 45 basis points, this was an improvement from the 54-basis-point gap in November.
Ireland had the seventh-highest mortgage rates in the euro area in December.
Estonia and Italy recorded the highest rates, while Greece and Slovenia had the lowest.