Latest increase expected to bring increase in loan arrears, given the number of homeowners set to see fixed rates expire
Mortgage rates have begun to ease in recent weeks in some countries as the cost of raising funds on capital markets eases in advance of an expected drop in ECB rates.
The weighted average rate on new Irish mortgage agreements increased by eight basis points to 4.27 per cent in January compared to the previous month, and was up 134 basis points year-on-year, according to Central Bank data published on Wednesday.This meant Ireland had the seventh highest rates in the euro zone. Mortgage rates have begun to ease in recent weeks in some countries as the cost of raising funds on capital markets eases in advance of an expected drop in ECB rates.
The total volume of “pure new mortgage agreements” fell to €542 million in January, a 45 per cent decrease from the previous month, and a decrease of 28 per cent annually, the Central Bank said. The Central Bank has estimated that between June, 2023 and June, 2024, around 70,000 homeowners will see their fixed rates expire – the equivalent of about one in ten residential mortgages.
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