Central Bank figures show the weighted average interest rate charged on new home loans in July was 4.06%
The Central Bank said €870 million of “pure new mortgage agreements” were concluded in July, a 14 per cent increase on the previous month but down 4 per cent in annual terms.[ Responding to the figures, Rachel McGovern, director of financial services at Brokers Ireland, said there was a lack of competition in the Irish mortgage market.
She said these “good value” mortgages came on to the market at a time when consumers were acclimatised to historically low interest rates, with most taking out a fixed loan for short terms of about three years. Joey Sheahan, head of credit at online brokers MyMortgages.ie, noted that since the ECB started to raise its rates in July 2022, existing tracker mortgage holders have seen their repayments increase by €461 monthly or €5,532 annually, based on a €220,000 mortgage with 15 years remaining.
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