The first hike is expected to be announced by the European Central Bank at its May 4 council meeting
Irish homeowners and families are facing further mortgage pressure amid fears three more interest rate rises will be announced by the European Central Bank later this year.
The rise, which is anticipated to be between 0.25 to a possible 0.5 percentage-points, will make it much harder for first-time buyers to purchase a home as well as increase pressure on the hundreds of thousands on tracker mortgages. Pierre Wunsch, a member of the European Central Bank’s rate-setting governing council told the Financial Times that they are "waiting for wage growth and core inflation to go down" as well as headline inflation, before a pause on interest rates can begin.
Markets are currently predicting three consecutive 0.25 to 0.5 percentage-point interest rate hikes over the next three meetings of the council, meaning the ECB main refinancing rate could be 4.25 per cent by the end of July.
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