Rates for new mortgages in Ireland fell slightly in September, according to the latest figures from the Central Bank.
Irish mortgage rates are now no longer the most expensive in the euro area but are still just above the euro area average.
The average rates on new mortgage agreements in September was 2.58%, down six basis points or 0.06%, on August. This is down 14 basis points or 0.14% on September 2021.
The average for new fixed rate mortgages was 2.46%, down three basis points or 0.03% compared to August and down 14 basis points or 0.14% on September last year.
The average for new variable mortgages was 3.78%, up one basis point compared to August and up just 0.53% compared to September last year.
The euro area average rate for new mortgages was 2.4% in September, up 19 basis points or 0.19%.
Rates across the euro area range from 3.9% in Latvia to 1.7% in France.
Just over €1 billion in new mortgages was issued in Ireland in September, an increase of 17% compared to August and an increase of 37% compared to September last year.
There was a big jump of 55% in the volume of renegotiated mortgages which rose from €437m in August to €675m in September.
95% of these renegotiated mortgages were fixed rate mortgages, reflecting perhaps concerns about increases in interest rates facing those coming off short term fixed rates.
Rates on these renegotiated mortgages increased to an average of 2.87%.
The Central Bank said the volume of new consumer loans was down marginally from August at €186m, but that is still up 27% compared to September last year.
The average rates on consumer loans was up 10 basis points, or 0.10%, to 7.56%.
