Average interest rate on new mortgages falls with more reductions expected 

Despite the reductions, Ireland still has the sixth highest interest rates on new mortgages in the eurozone

According to the latest data from the Central Bank of Ireland, as of the end of November the average interest rate on new Irish mortgages was 3.97% down from 4.03% in October. File photo: Leah Farrell/Rollingnews.ie

Interest rates on new mortgages have hit their lowest level since May last year with more reductions expected as recent cuts slowly make their way through the system, new data from the Central Bank of Ireland shows. 

According to the latest data from the Central Bank of Ireland, as of the end of November the average interest rate on new Irish mortgages was 3.97% down from 4.03% in October. This follows three interest rate cuts of 0.25% by the European Central Bank in June, September and October.