Ireland second behind Greece on mortgage interest rates

Central Bank figures show that the average interest rate Irish mortgage holders pay is 3.04%

New figures from the Central Bank show that Ireland now has the second highest average interest rate in the euro zone for new mortgages agreed in November.

This follows an interest rate increase in Greece recently.

The Central Bank said that the average interest rate Irish mortgage holders pay is 3.04%, with the average for the euro zone coming in at 1.79%.

Today's Central Bank figures also show a 22% annual increase in the value of new mortgage agreements in the 12 months to November.

It said the value of new mortgage deals amounted to €814m in November, bringing total new agreements to €7.7 billion over past 12 months.

Fixed rate mortgages accounted for a new series high of 68% of new agreements over the three months to November compared with 81% of new agreements over the same time in the euro area. 

The Central Bank noted that the average fixed rate for Ireland for the year to date stands at 3.02%.

Meanwhile, the Central Bank said that interest rates on new household term deposits remained low in November at 0.04%, down three basis points over the last 12 months. 

It noted that equivalent euro area rates experienced a decline of four basis points over the same time and remain marginally higher at 0.33%.