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  • Writer's pictureHollywood Developments

Mortgage rates here remain way above euro area average

Interest rates on new mortgages here fell slightly in September, but remain more than twice that charged by banks across the euro area.

On average banks charged 2.96% on new mortgages during the period, down 11 basis points compared to the same month last year.

However, across the 19-member eurozone the average for the period was 1.41%, the Central Bank data shows.

Fixed mortgage rates here were on average 2.86% during the month, a drop of 14 basis points on a month earlier.

74% of all new mortgage borrowers opted for fixed rates, fewer than during the first nine months of last year.

Rates on variable mortgages stood at 3.31% at the end of the month.

In total, €780 million was lent out in new mortgages during September.

This bring the total value of new home loans so far this year to €6.1 billion, up 12% on the same period of 2018.

Meanwhile, consumer lending in September fell by €10 million, to €193 million.

For those trying to save, deposit rates remained low, at 0.04%.

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