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Ireland has second highest mortgage rates in euro area

Ireland had the second highest mortgage interest rates across the euro area in December, coming only after Greece, new figures from the Central Bank show. 

The Central Bank said the average interest rate on new mortgages in Ireland stood at 2.76% in December, compared to the euro area average of 1.29%.  

The volume of new mortgage agreements amounted to €955m in December, an increase of 15% on December 2019 and a 16% rise from November 2020.  Fixed rate mortgages accounted for over 80% of new mortgage deals in December.

Rachel McGovern, Director of Financial Services at Brokers Ireland, welcomed the fact that Ireland no longer has the highest mortgage rates across the eurozone.  She said the  data also shows the growing demand for mortgages.

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