The average interest rate on new mortgages rose by 0.12% in December to 2.69%, according to new figures from the Central Bank.
The average rate on fixed rate mortgages rose over the month by 0.13% to 2.61%. Fixed rate mortgages accounted for 93% of all new mortgages in December.
The average rate is up just 0.02% compared to rates on offer in December 2021.
Across the euro area, on average, rates on new mortgages are up 1.66% compared to December 2021 following several interest rate increases from the European Central Bank.
The average rate on new mortgages across the euro area was 2.95%. This means Ireland remained the third cheapest market for new mortgages after France and Malta.
By contrast, interest rates on term deposits were 0.63% on average in Irish banks compared to a euro area average of 1.44%.
Today's figures show that the total volume of new mortgage agreements fell in December by 13% to €1.251 billion compared to November.
However, on an annual basis, new mortgage lending is up 31% compared to December 2021.
Average rates on new consumer loans fell by 0.2% to 7.79% in December. New consumer loans were up 38% on an annual basis to €143m.
