Fixed-rate mortgages ‘best for borrower’

AS European interest rates continue to rise towards 4% or higher, a leading Dublin economist said borrowers should consider fixed-rate mortgages.

Jim Power, chief economist at Friends First, said fixed rates were on offer in the market at levels that are below the present average variable rate.

It was up to people to decide what term they wanted to opt for, but there was a very strong case for looking at the fixing option, given the upward movement in bank rates, he said.