Interest rates on new mortgages now sixth highest in eurozone

During September, the average mortgage interest rate is 4.3% — an increase of 0.2% compared to August, when rates were the 11th highest across the eurozone

The average interest rate for new mortgages is now 4.3% — which is higher than the eurozone average of 4%. 

The average Irish interest rate on new mortgages is now the sixth highest in the eurozone as rate hikes from the European Central Bank (ECB) slowly feed through the financial system, according to new figures from the Central Bank of Ireland.

While the ECB has been increasing interest rates since July last year — only pausing last month — Irish banks have been slow to pass on all the increases to customers.