Mortgage rates steady ahead of expected rate cut

Mortgage rates have increased 1% on last year but a series of rate cuts are expected from the ECB.

Average mortgage interest rates for homeowners stood at 4.1% at the end of August, unchanged since May but increased 1% compared to a year previously, new data from the Central Bank of Ireland (CBI) shows.

The equivalent euro area average mortgage rate stood at 3.71% with the rate in Ireland exceeding the euro average by 40 basis points. Despite reductions in rates implemented by the European Central Bank (ECB) this year, mortgages in Ireland remain the sixth most expensive in Europe.