The average mortgage rate in Ireland has decreased to 3.66%, down from 4.17% in May. This rate is close to the Eurozone average of 3.32%, with variations across countries. For example, rates range from 1.80% in Malta to 4.29% in Latvia. Within Ireland, rates for first-time buyers borrowing €300,000 can vary from 3.18% to 4.70%. Experts advise shopping around due to differences among lenders. The European Central Bank may cut rates further, influencing mortgage rates to decline slightly in the future.
Mortgage rates are now at their lowest level in over two years, which is obviously good news for prospective first-time buyers and those looking to switch their mortgage over the coming months.
The average rate really is just that, an average. There are 10 lenders in the Irish mortgage market at present and there's a wide variation in rates across them all.
Current new borrower mortgage rates of 3.66pc here compare with a rate of 3.32pc on average across the Eurozone.
Rates for a three-year fixed mortgage range from 3.20pc to 4.85pc.
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