Thursday 27 April 2017

Highest mortgage rates

Colm Kelpie

Colm Kelpie

The average interest rate on new mortgages here remains almost twice what it is in the Eurozone.

The rate stood at 3.38pc in November. Although this has fallen over the past 12 months, it is much higher than the euro area rate of 1.72pc, according to data from the Central Bank.

The volume of new mortgage agreements amounted to €548m in November, bringing new agreements to €4.9bn over the past 12 months.

New variable rate mortgages, which had an average interest rate of 3.38pc, accounted for two-thirds of all new agreements in Ireland over the past year.

Bank of Ireland boss Richie Boucher recently said he deliberately kept his bank's variable rate high to encourage customers to fix.

A bill to allow the Central Bank to force rates lower continues to be examined in an Oireachtas Committee.

Irish Independent

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