The average interest rate on new mortgages fell by 0.24% to 3.38% in the year to February, latest figures from the Central Bank show.
This compares with an equivalent euro area rate of 1.8%.
Variable-rate mortgages accounted for almost two-thirds of all new agreements in Ireland over the past year.
The equivalent euro area share of variable rate mortgages is less than 20%.
Variable rates on homes fell by 35 basis points to 3.40% in the year to February, while fixed rate PDH mortgage rates also declined, with rates fixed for 1-3 years falling by 39 basis points over the same period.
The volume of new mortgage agreements in the year to February was €5.1 billion, up from €4.4 billion for the previous year.
Meanwhile, the Central Bank statistics also show interest rates on household deposits fell by six basis points to 0.13% in the year to February.
The equivalent euro area rate saw a slightly larger decline, 19 basis points, but the rate remains higher at 0.43%.
