Consumers in the Republic pay the second highest mortgage rates in the euro area


People in the Republic continue to pay higher mortgage rates than most of their European counterparts, although the state is now lagging behind Greece.

The average interest rate on new Irish mortgage contracts was 2.8% in April, up two basis points from the same month a year earlier, according to Central Bank figures. This puts the state just behind Greece for the highest rates paid. Previously, Irish households paid the most for their mortgage loans in the euro area.

The euro area average rate stood at 1.26%, although the rate varies widely from country to country, the regulator said.

New mortgages with a combined value of 533 million euros were confirmed in April in the state, down 18% from March but 36% more than in the same month a year earlier.

Fixed rates

For new fixed-rate agreements, which accounted for 82 percent of all loans, the average rate was 2.63 percent, unchanged from the previous month. For variable rate loans, the rate stood at 3.42% in April. This is a decrease of seven basis points from the previous month.

Renegotiated mortgages totaled 554 million euros in April, an increase of 108% from the previous month. The central bank said the high volume was due to the expiration of fixed-term contracts and renegotiations. The average interest rate on renegotiated loans was 2.5%.


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