The average interest rate on new mortgages in Ireland continued to fall to March.
That’s according to the latest data from the Central Bank which shows the average interest rate on new Irish mortgage agreements in March eased to 3.77% from 3.79% the previous month.
The equivalent euro area average was unchanged at 3.33%, which means that Ireland had the sixth highest average interest rate on new mortgage agreements in the euro area in March.
The latest figures from the Central Bank show the total volume of pure new mortgage agreements increased to €904m in March, a €125m (16%) increase in monthly terms and a €274m (43%) jump on an annual basis.
It noted that the average interest rate on new fixed rate mortgage agreements, which constitute 77% of new mortgages, stood at 3.58% in March, two basis points lower than February and 61 basis points lower than the same month last year.The average interest rate on new variable rate mortgage agreements was 4.42% in March, unchanged from February and 17 basis points lower in annual terms, the Central Bank added.
Interest rates have been gradually falling following seven rate cuts from the European Central Bank since last June. Another is also anticipated next month, with the possibility of another to follow before the end of the year.
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