Mortgage interest rates rise at highest level in almost five years

Variable mortgage interest rates in the Republic have risen by the largest amount in almost five years with Irish households continuing to pay considerably more than in other parts of the euro zone.

New figures from the Central Bank show the average interest rate on new mortgage agreements was 2.76 per cent in January, more than double the euro zone average rate of 1.31 per cent.

Second highest

Irish households continue to pay the second highest interest rate in the euro zone behind Greece with mortgage holders paying up to €2,200 extra per annum that many of their European counterparts.

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Finland continues to have the lowest average mortgage rate in the euro zone at 0.79 per cent, followed by Portugal at 0.8 per cent.

The value of new mortgage agreements in the Republic totalled €530 million in January, up 6 per cent on an annual basis.