The average interest rate on new mortgages in Ireland eased to 3.5% at the end of December, down three basis points from the previous month.
That’s according to the latest figures from the Central Bank of Ireland.
They reported that the average rate in the euro zone area in December was 3.32%. This means that Irish mortgage rates remain the sixth highest in the euro zone for the third month running.
The latest report found that the average rate of 3.5% was down from 3.53% in November and from 3.8% in December 2024. This represents the lowest average rate since February 2023.
According to the latest report, Germany had the highest mortgage rate in December at 3.74%, followed by Estonia at 3.71% and Latvia at 3.69%.
They also reveal that Malta had the lowest rate at 1.98%, followed by Spain at 2.61% and Portugal at 2.84%.
According to the Central Bank, the average interest rate on new fixed rate mortgage agreements, which make up 92% of the volume of new mortgages, was 3.44% in December, down two basis points from the previous month and down 17 basis points from December 2024.
Meanwhile, the average interest rate on new variable rate mortgage agreements was 4.17% in December, up nine basis points from November and 16 basis points lower in annual terms.
In December, the total volume of pure new mortgage agreements increased to €1.4 billion - the highest volume of last year and an increase of 17% compared to December 2024.
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