Q&A: What is happening to mortgage rates and how will it affect me?

Higher interest rates make for higher monthly repayments, which means your borrowing capacity will be reduced when you seek a mortgage. File Picture: iStock

The European Central Bank has announced its first interest rate increase in 11 years this coming July, followed by a second increase in September. Neil Michael looks at what it means for Irish mortgage-holders.

So how much has the European Central Bank hiked rates by?