Little change in savings rates, monthly survey shows, while rates on non-mortgage borrowing jumped
Mortgage rates in Ireland fell again, the Central Bank said, but gap with euro zone average widens. Photograph: by Kirill Kudryavtsev / AFP via Getty Images
Across the euro zone as a whole, equivalent rates fell by nine basis points – from 3.61 per cent to 3.52 per cent. And over the past year, rates have fallen over twice as fast across the euro zone as a whole than they have in Ireland, the Central Bank said. On savings, rates for on demand, or overnight, deposits hit a seven year high after rising for the first time this year. But the increase was the minimum – 0.01 of a percentage point – to an annual return of just 0.14 per cent.
Mortgage rates are expected to continue to fall over the next year, starting with an expected cut by the ECB on Thursday.
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