Home loan rates higher, savings rates lower here

New Irish home loan rates remain twice as high as the eurozone average, while the rates Irish banks pay households are about three times lower, according to the latest figures from the Central Bank.

The average rate charged for a new mortgage in Ireland was just under 3.4% at the end of November, compared with the eurozone’s average rate of just over 1.7%, the data show.

New home loans have nonetheless fallen by just over a quarter of a point in the year — by 28 basis points —as lenders cut the elevated costs of their standard variable mortgage rates. Buy-to-let variable mortgage rates stood at just over 4.7%.