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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.

Commenting on the most recent Central Bank Retail Interest Rates for September 2021, Brokers Ireland said while the rate has improved minimally in the last month, at 2.72 percent Irish mortgage holders continue to pay the second highest rate in the euro zone, a full 1.45 percent ahead of the euro area average, a figure that would result in Irish consumers paying over €78,000 over and above their European neighbours on a €300k mortgage over 30 years.

Commenting on the most recent Central Bank Retail Interest Rates for July 2021, Brokers Ireland said while Ireland is back at the top of the euro area league with Irish mortgage holders paying 1.45pc over and above the euro area average, there has been a continuing marginal improvement in the rate, reflecting more competition in the Irish market.

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).

Commenting on the most recent Central Bank Retail Interest Rates publication for February, Brokers Ireland said the increase in the volume of new mortgage agreements of seven percent year-on-year in February and particularly the 23 percent increase month-on-month between January and February 2021 reflects the increasing demand for mortgages, despite the ongoing pandemic.

Commenting on the most recent Central Bank Retail Interest Rates publication, Brokers Ireland said the drop in the weighted average interest rate on new mortgages in December to 2.76 from 2.79 the previous month is to be welcomed, even if the rate remains the second highest in the euro area behind Greece.