Tracker mortgage relief as ECB holds interest rates at 1%

TRACKER mortgage customers were again given a reprieve from rising interest rates yesterday with the European Central Bank (ECB) holding rates at the record low 1%.

Chief economist for the Ernst & Young Eurozone Forecast (EEF), Marie Diron said she does not expect any ECB rate increase before mid-2011 at the earliest.

Mortgage holders on variable rates are facing a raft of interest rate hikes with many lenders having already increased rates and others expected to follow soon.