Interest rates on new mortgages remained broadly steady in July compared to the previous month, according to the latest figures from the Central Bank.
The average interest rate for new mortgage agreements was 4.06% for the month. This was up slightly compared to 4.04% in June.
New fixed rate mortgage rates averaged 4.04%, while new variable rate home loans averaged 4.18%
Compared to July of last year, new mortgage interest rates are 1.43% higher.
That is reflective of some of the European Central Bank interest rate increases being passed through to borrowers.
Since July of 2022, the ECB has put rates up by a cumulative 4.25%. Only some of that increase has so far been funnelled through to mortgage customers, with more expected over the coming months.
Equivalent euro area average new mortgage rates rose 0.08% between June and July to 3.86%, the data shows.
At the end of July, the rate in Ireland was 0.2% higher than the euro average.
It means Ireland continues to have the eighth lowest mortgage rates in the euro zone.
Overall, the volume of new mortgages agreed in Ireland in July rose 14% compared to June to €870m, but fell 4% compared to July of last year.
Renegotiated mortgages totalled €286 million compared to €249 million in June with an average fixed interest rate of 3.92%.
