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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.

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.