The average interest rate on new mortgages in Ireland remained unchanged for the third month running in August at 4.11%.
That’s according to the latest figures from the Central Bank, which show that the European Central Bank rate cut in June of 0.25% has yet to have an impact on the average interest rate as yet.
The unchanged rate means that the average cost of a new mortgage in Ireland remains the sixth highest in the euro area, at 40 basis points above the average for the bloc of 3.71%.
The average new fixed rate here was 3.95% in August, again unchanged from the previous month and eight basis points lower than the same period in 2023.
Fixed rates made up more than two thirds of the volume of new mortgages.
Overall, the volume of new mortgage agreements fell by 13% to €851m compared to the previous month.
There was also €138m of renegotiated mortgages during the month, down from €161m in July, with an average interest rate of 3.87%.
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