Mortgage approvals jump in January as interest rate hikes have yet to hit demand

Banking and Payments Federation Ireland said the number of mortgages approved rose by 1.7% compared to December and more than 2% annually

The volume of non-purchase mortgages, such as switching and top-ups, rose by 2.1%, but the figures indicate a significant slowdown in this segment from previous periods. Picture: iStock

The number of mortgage approvals jumped in January as interest rate hikes have yet to hit demand.

In its latest Mortgage Approvals Report, the Banking and Payments Federation Ireland, or BPFI, said the number of mortgages approved rose by 1.7% compared to December and more than 2% annually.