Irish mortgage lending fell 6% in June to €808m, as borrowers await potential interest rate cuts.
Irish mortgage lending fell by 6% in June compared to the previous year, reaching €808m, as competition for homes intensifies and borrowers await further potential interest rate cuts. The average interest rate on new fixed-term mortgages decreased to 3.95%. Mortgage holders are advised to exercise extreme caution amidst the recent retail interest rates publication, with new Irish mortgage rates dropping to 4.11% and the potential for further ECB rate reductions this year. Brokers Ireland's deputy chief executive, Rachel McGovern, emphasizes the need for greater competition to restore long-term fixed interest rates.
August 14, 2024
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