Interest rates charged on new mortgages in Ireland fell in May to their lowest level in nine months.
That’s according to the latest data from the Central Bank of Ireland which found that the average rate had reduced by 7 basis points to 4.17% during the month.
That's the lowest level it has been at since August 2023 but is still 33 basis points higher than in May of last year.
Across the euro area, the average rate remained at 3.8%, unchanged month on month and up 9 basis points compared to May last year.
It means that Ireland had the joint sixth highest mortgage interest rate in the eurozone that month.
The weighted average interest rate on new fixed rate mortgages was 4.02%, down 11 basis points from April.
Fixed rate mortgages make up two thirds of the overall volume of new mortgages.
The total volume of new mortgages rose to €821m in May, an 18.5% increase from the previous month, and a decrease of 5.5% on an annual basis.
The European Central Bank (ECB) cut interest rates in early June and said more easing was likely this year.
Follow MyHome.ie on WhatsApp for all the latest property news and advice.
