New mortgage interest rates decline in September

As a result, Irish mortgage interest rates have fallen to the 12th highest in the eurozone

The interest rate was lower on fixed mortgages, which make up 94% of the volume of new mortgages, at 3.47%. File picture: iStock

Interest rates charged on new Irish mortgages declined by seven percentage points compared to the same period last year despite interest rates being increased by the European Central Bank with more expected before the end of the year.

According to new data from the Central Bank of Ireland, The average interest rate on new Irish mortgage agreements in September was 3.52%, down one percentage point from August and down seven points annually.