The weighted average interest rate on new mortgage loans was 2.68% in June 2022, down 6 basis points on mortgage rates a year earlier, according to Central Bank data.

The average for the euro area rose to 1.90% in June, although the rate varies considerably across countries, with the lowest rates in France and the highest in Greece and Ireland.

The weighted average interest rate on new fixed rate mortgage agreements, which account for 88% of all new loans, was 2.52%  in June. This was down 9 basis points on June 2021 and down 3 basis point on the previous month.

For new variable rate mortgages, the weighted average interest rate increased 9 basis points to 3.75% in June.

The Central Bank commented that increased use of fixed rate mortgages in recent years has resulted in higher volatility in the variable rate mortgage category.

In Association with

The weighted average interest rates on new business loans of up to €250k was 4.27% in June. The equivalent euro area rate was 2.04%,

For new business loans of over €250k and up to €1 million, the average interest rate is 3.05% in Ireland and an average of 1.69% in the euro area.

For business loans of over €1 million, which represent the vast majority of new NFC loans, the weighted average interest rate stood at 3.15% in June. The equivalent euro area rate was 1.80%.

Business overdrafts were 152% higher in year-on-year terms in June, at €6,060m. The weighted average interest rate stood at 3.50%.

Deposit rates

Interest rates on new household term deposits stood at 0.02% in June. The equivalent euro area rate was 0.28%.

Interest rates on new business term deposits in Ireland stood at -0.22% cent in June. Corresponding NFC term deposit rates for the euro area stood at -0.10%.