Irish mortgage rates highest in euro zone once again

In December, the average interest rate of a new Irish mortgage 2.69%, with the average across the euro zone is 1.29%.

Following Ireland, Greece is the next most expensive with an interest rate of 2.55% and Lativa with 2.26%.

The lowest interest rate in the euro zone is found in Finland, where there interest rate was 0.77% in December 2021.

It was shown by the figures from Banking and Payments Federation Ireland that the average first time buyer mortgage is €262,000. A person in Ireland borrowing over 30 years will then have to pay an extra €2,100 per year compared to the those in other countries across Europe.

The new figures from the Central Bank show that the average interest rate on consumer loans were at 7.49% which is higher than the euro zone again, with the average interest rate in the euro zone being 5.06%.

Todays Central Bank figures showed that the new mortgage agreements amounted to €955 million in December last year. This was an increase of 13% increase on December 2021.