Mortgage interest growth slowed in February with rate cut ‘relief’ on the horizon

Newly agreed mortgages came with an average interest rate of 4.29 per cent as Irish consumers continue to pay more than their EU counterparts

The total volume of pure new mortgage agreements rose to €641 million in February, up 18 per cent month-on-month but down 39 per cent annually. Picture: Getty

The average interest rate on newly agreed mortgages climbed by 1.31 per cent in the 12 months to February to stand at 4.29 per cent.

This is broadly unchanged (up 2 basis points) from the month prior, new figures from the Central Bank have shown, signifying a slowdown in interest rate growth.

However, Irish mortgage holders continue to pay higher rates of interest compared to their European counterparts, with the equivalent euro area average dropping ...