With the announcement of an ECB rate cut, tracker mortgage customers will see immediate benefits, experiencing a combined reduction of 0.60 percentage points in their repayment rates.
Finance Ireland and ICS face pressure to lower their lending rates, as they offer some of the highest rates due to their different funding models, impacting customers coming off fixed rates.
Irish mortgage rates held steady at their lowest in nearly a year at 4.11% in July, while eurozone averages dipped to 3.72%, highlighting significant regional disparities.
Experts anticipate additional ECB cuts in the near future that could further reduce variable and new fixed mortgage rates, albeit not necessarily instantly, affecting the lending landscape.
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