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Average rate on new mortgages passes 4% mark

August 9, 2023 MyHome by MyHome
Average rate on new mortgages passes 4% mark

The average interest rate on new mortgages has crossed the 4% mark for the first time in years, according to figures from the Central Bank.

Their latest report shows that the average interest rate for a new mortgage in June stood at 4.04%, up from 3.84% in May.

The 0.2% jump was the second biggest increase in the Eurozone.

Ireland continues to have the ninth lowest average rate in the Eurozone with rates varying from as low as 1.93% in Malta to as high as 6.02% in Latvia.

The average Eurozone mortgage rate now stands at 3.79% - three times higher than it was two years ago.

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The rise in the average mortgage rate comes following nine rate increases by the European Central Bank in the past year, with predictions that further increases could still lie ahead.

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