Irish homeowners still paying the most for mortgages in euro zone

New data show average interest rate locally is 3.06% compared to EU average of 1.77%

There was a 23 per cent year-on-year increase in new mortgage agreements  in the 12 months to October

There was a 23 per cent year-on-year increase in new mortgage agreements in the 12 months to October

 

Homeowners in the Republic continue to pay the highest interest rates in the euro zone for mortgages, new Central Bank figures show.

The data reveals the average interest rate on new mortgages agreed in October was 3.06 per cent compared to an EU average of 1.77 per cent.

According to the figures there was a 23 per cent year-on-year increase in new mortgage agreements in the State in the 12 months to October. The value of such agreements amounted to €678 million, bringing the total volume amount over the last year to €7.6 billion.

The Central Bank data show fixed-rate mortgages accounted for 66 per cent of new agreements in the three months to October, as against a euro zone average of 81 per cent.

Outstanding renegotiated mortgages amounted to €332 million during October with fixed rate products accounting for 70 per cent of the total.