Ireland moves up to fifth in the eurozone for highest new mortgage interest rates 

Eurozone average interest rate on new mortgages stands at 3.36%, while Ireland is at 3.82%

The weighted average interest rate on new Irish mortgages stood at 3.82% as of the end of January. 

Ireland now has the fifth highest average interest rate on new mortgages across the eurozone after a slight increase was recorded in January, new data from the Central Bank of Ireland shows.

According to the data, the weighted average interest rate on new Irish mortgages stood at 3.82% as of the end of January, an increase of 0.02% compared to December. This slight increase, combined with rates in Croatia and Cyprus falling, moved Ireland from having the seventh highest new mortgage interest rates in the eurozone to fifth.

This increase in interest rates comes after the European Central Bank (ECB) announced a rate cut of 0.25% in December. Two subsequent interest rate cuts, in February and earlier this month, are not accounted for in the data.

Latvia topped the list, with an average new mortgage interest rate of 4.56%, followed by Estonia at 4.24%, Lithuania at 4.13%, and Slovakia at 3.95%.

The eurozone average interest rate on new mortgages stands at 3.36%.

The weighted average interest rate on new fixed rate mortgage agreements in Ireland — which makes up 73% of new mortgage agreements — was 3.6 per cent in January.

The data shows the total value of new mortgage agreements during the month stood at €677m — up 25% from the same period in 2024.

The average interest rate on new consumer loans has fallen by 0.81% to 6.87% in January — which is lower than the eurozone average of 7.64%.

The total volume of new consumer loans was €287m in January 2025, 54% of which had a floating rate.

New floating rate consumer loans had an average interest rate of 8.24% as of the end of January.

Interest rates on household deposits stood at 0.13% in January, unchanged compared to last year.

The average interest rate on new household deposits with agreed maturity decreased to 2.28% — its lowest level since August 2023 — compared to the eurozone average of 2.34%.

The level of new business in this category was €1.5bn during the month — a 26% increase compared to last year.