Irish mortgage rates end the year as most elevated in Europe

Irish mortgage rates are ending another year as the most elevated in Europe and are likely to remain so without Government or Central Bank action as the era of cheap money draws to an end.

The latest figures from the Central Bank show borrowers for new home loans were charged an average of just over 3%, compared with an average rate of 1.77% across the eurozone as a whole, while homeowners were charged 2.72% for renegotiated mortgages.