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Responding to the most recent Central Bank Retail Interest Rates for March 2022, Brokers Ireland said mortgage holders, and aspiring mortgage holders, need to act fast to get the best interest rates available in the market and for anyone looking to long-term security and predictability about their financial outlay to lock-in to the best rates for longer periods of up to twenty and thirty years, depending on circumstances.

Ireland’s mortgage switching market is exploding and not ahead of time - this is according to MyMortgages.ie, the online mortgage brokers who are reporting a 39 percent increase in their own levels of switching activity between March 2021 and March 2022.

As house prices continue to escalate - with the recent CSO House Price Index showing an annual increase in January of 16 per cent for properties outside Dublin and 13.3 per cent in Dublin - Brokers Ireland said the prospect of an increase in interest rates is a real worry for many existing and aspiring home buyers.

The recent Claire Byrne Live special, in which audience members were invited to put their furrowed brows on display, and share with the nation their hesitations about voting Sinn Féin, was, you can be sure, the opening salvo in what will be a relentless attempt by the media to shore up support for Fianna Fáil, Fine Gael, and the Greens.

Responding to the most recent Central Bank Retail Interest Rates for December 2021, Brokers Ireland warned that home owners are very likely to be close to, if not at the bottom of the low interest rate cycle and the window of opportunity to avail of the best mortgage rates may be beginning to close.

The overall average increase in property prices for 2021 was just short of 12 percent, with great variations across the country, according to the latest Residential Property Price Barometer by IPAV, the Institute of Professional Auctioneers & Valuers which captures house prices actually achieved by auctioneers for three- and four-bedroom semi-detached homes and two-bedroom apartments.

The overall average increase in property prices for 2021 was just short of 12pc, with great variations across the country, according to the latest Residential Property Price Barometer by IPAV, the Institute of Professional Auctioneers & Valuers, which captures house prices actually achieved by auctioneers for three- and four-bedroom semi-detached homes and two-bedroom apartments.

Inflation figures released by the Central Statistics Office yesterday reveal that Irish inflation hit a record high. Prices on average, as measured by the Consumer Price Index (CPI), were 5.5 percent higher in December compared with December 2020. This is the largest annual change in prices since June 2001 when annual inflation was 5.3 percent. This increase in Irish inflation is mirrored in the euro area. The Harmonised Index of Consumer Prices (HICP) – the European Central Bank’s (ECB) preferred measurement of inflation - stood at 5 percent in December 2021 according to Eurostat’s flash estimate, which was the highest level recorded since the euro was introduced in 1999.

Commenting on the most recent Central Bank Retail Interest Rates publication for April, Brokers Ireland said with the second highest rate in the eurozone, after Greece, Irish mortgages holders are paying over €83,000 more than their euro area counterparts on a €300,000 mortgage over 30 years. (see chart below).

Brokers Ireland, which has long called for long-term fixed interest rate mortgages in Ireland, has welcomed the introduction by Finance Ireland of a 20-year fixed mortgage for the first time in Ireland.