The volume of new mortgage lending rose by 30% in June compared to a three year low recorded in May.

However, the €490m issued in new lending is still 31% down on what it was in June 2019. 

Irish mortgage rates have come down by an average of 0.2% in the past year but they are still amongst the highest in the eurozone. According to the latest statistics published by the Central Bank, the average rate on new mortgage lending here was 2.79%. This compares to a euro area average of 1.33%.  

75% of new mortgages were fixed rate. The average rate was 2.68%. 
 

Consumer lending was also sharply up in June by 70% on the previous month. But it remains at levels 14% below June of last year. The average rate was 7.61% compared to the euro area average of 5.06%. 

Loans to businesses have yet to show a recovery.

Loans of up to €250,000, which would include typical small and medium sized enterprises (SME's) declined further in June and are down 17% compared to the same month of last year. The average interest rate on these loans is 5.37% compared to a euro area average of 1.77%. 

70% of loans to businesses are accounted for by larger companies borrowing amounts over €1 million. This category of loan is down 60% compared to June 2019. The average rate on these loans from banks in Ireland is 2.08% compared to a euro area average of 1.25%. 

 Deposit rates on offer to households remain negligible. The average rate on new term deposits was 0.02% in June. The euro area average was 0.27%.