Daragh Cassidy, head of communications at mortgage broker Bonkers.ie, said: "Irish mortgage rates continue to inch downwards and are now almost a quarter of a point lower than their recent high at the start of the year." He pointed out that rates are falling more slowly in Ireland compared with the rest of the Eurozone.
Mr Cassidy believes there is a good chance the ECB will cut rates by another quarter of a percentage point at its meeting next month, while further cuts are expected next year. "This will feed through into lower mortgage rates in Ireland over the coming months," he said.
"Come early next year, the average rate should be back under 4pc for the first time since the spring of 2023," Mr Cassidy said. He predicted we could see a sub-3pc mortgage rate back on the market in 2025.
Across the Eurozone the average new mortgage rate has fallen to 3.59pc. However, rates vary hugely across the currency bloc - from as low as 1.76pc in Malta to as high as 5.28pc in Latvia.
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