Banking

Mortgage interest falls to 4.25% amid hopes new lenders will drive down rates

Average mortgage interest rate in Ireland fell 2 basis points in November ahead of anticipated ECB cuts

According to new figures from the Central Bank of Ireland, the weighted average interest rate on new Irish mortgage agreements at the end November 2023 fell on a month-by-month basis, but increased 168 points annually. Picture: Getty

The average mortgage interest rate in Ireland fell to 4.25 in November, down 2 basis points on the month prior, amid cautious optimism that prospective cuts by the European Central Bank and new competition in the market will drive down rates further.

However, mortgage experts have warned homeowners to brace for further pain before Irish lenders move to reduce rates.

According to new figures from the Central Bank of Ireland, the weighted average interest rate ...