When the governing body of the European Central Bank meets in Frankfurt today, a quarter of a percent cut in interest rates is widely expected to be agreed.
When the governing body of the European Central Bank meets in Frankfurt today, a quarter of a percent cut in interest rates is widely expected to be agreed.The monthly mortgage payment is generally the most significant household expenditure for homeowners in Ireland . It is a payment that has risen substantially for many over the last two years thanks to those interest rate increases from the ECB.
It is a cut that has been well signaled in advance by senior members of the bank including President Christine Lagarde and ECB Chief Economist, and former governor of the Irish Central Bank Phillip Lane."It has been reasonable for us in the last few weeks to basically signal that barring major surprises, many people on the Governing Council, including myself this morning, have indicated there may be enough in the data to say we can remove the top layer of restrictiveness.
That's a cool saving of €470 per annum for a tracker holder who borrowed €300,000 and will be welcome news. However, payments on that mortgage are still €4,000 higher per annum than they were in 2021.
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