Posted on 09/13/2023 12:48:32 PM PDT by Olog-hai
Interest rates on new mortgages remained broadly steady in July compared to the previous month, new data from the Central Bank shows.
The average interest rate for new mortgage agreements was 4.06% for the month.
That compares to 4.04% in June.
New fixed rate mortgage rates averaged 4.04%, while new variable rate home loans averaged 4.18%
Despite the small month on month increase though, compared to July of last year, new mortgage interest rates are 1.43% higher.
That is reflective of some of the European Central Bank interest rate increases being passed through to borrowers.
Since July of 2022, the ECB has put rates up by a cumulative 4.25%.
Only some of that increase has so far been funneled through to mortgage customers, with more expected over the coming months.
The ECB Governing Council will meet in Frankfurt tomorrow, with experts split on whether it will raise rates again or not.
Equivalent euro area average new mortgage rates rose 0.08% between June and July to 3.86%, the data shows. …
(Excerpt) Read more at rte.ie ...
Ireland had to bail out their banks with public debt in 2010. They should have higher interest rates. Ireland itself needed a bailout from the EU because of the mortgages.
AND Ireland is committing national suicide by bringing in countless violent turd worlders and giving them generous welfare goodies.
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