Banking customers hit sweet spot as rates for mortgages fall while they rise for deposits

While mortgage rates fall, deposit rates crept upwards to 2.75%, reaching a 15-year high but slightly below the eurozone average of 3.03%

Central Bank figures showed mortgage lending volumes have tumbled to €808m, a 6% drop compared to June 2023.

Irish mortgage rates continued to ease ahead of a European Central Bank (ECB) meeting next month, while savers gained from an increase in deposit rates.

Figures from the Central Bank showed the average interest rate on new Irish mortgage agreements dropped to 4.11% at the end of June, representing a six basis-point fall on the previous month, marking a further fall from peak mortgage rates recorded in March and dropping to the lowest level in 10 months.