Interest rates below euro area average
The rate of interest on Irish mortgages was 2.99 per cent at the end of November 2012, according to statistics published by the Central Bank today.
This figure refers to the weighted average interest rate on outstanding Irish mortgage loans with an original maturity of over five years.
The mortgage rate in Ireland has been closely linked to movement in the European Central Bank's (ECB) main refinancing rate over the last number of years, mainly due to the high proportion of "tracker" or variable rate mortgage products sold domestically.
In comparison, the corresponding mortgage rate for the euro area stood at 3.6 per cent for the year ending November 2012.
Interest rates on outstanding household loans provided for consumption and other purposes stood at 5.6 per cent.
Interest rates on outstanding loans to non-financial companies declined for the 13th consecutive month in November 2012. The average rate on outstanding loans to these businesses was 3 per cent, compared with the euro area average of 3.4 per cent.
Meanwhile, the average interest on outstanding household deposits was 3.3 per cent in November 2012, having risen to a peak of 3.5 per cent in April. Short term deposits, which are redeemable at notice, earned an average rate of 1.5 per cent.
Interest rates on deposits from non-financial companies remained unchanged at 2.5 per cent, with the euro area experiencing an equivalent rate of 1.8 per cent at the end of November 2012.