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Commenting on the recent ECB decision to keep interest rates unchanged, Brokers Ireland said even when the move to reduce the rate begins there is still a 'rocky road' ahead for many mortgage holders.

Responding to the most recent Central Bank Retail interest rates publication for June, showing Ireland at a weighted average interest rate of 4.04 percent, up 136 basis points in annual terms and a 12 percent decrease on the previous month in the volume of pure new mortgage agreements, Brokers Ireland has stated that it is “clearly evident the dampening effect the questionable and aggressive interest rate stance is having on potential home owners, at a time of strong and pent-up demand for homes.”

Commenting on the recent ECB decision to raise its main refinancing rate by a further 0.25 percent, the ninth increase since July last, bringing it to 4.25 percent, Brokers Ireland said “one would be hopeful while not at all confident, that the strategy will achieve stability rather than fragility and destruction among borrowers – personal and business borrowers.”

Responding to the most recent Central Bank Retail Interest Rates publication for April, showing Ireland at a weighted average interest rate of 3.63 percent in April, 0.6 percent ahead of the euro area average, Brokers Ireland said the Irish market is now in worrying territory for both aspiring and existing borrowers.

Responding to the recent ECB interest rate increase of 0.5 percent, Brokers Ireland said this, the sixth increase since July last, brings the rate to 3.50 percent, and would add a total of €640 a month to a €330,000 mortgage on a 1.25 tracker rate.

Responding to the recent Central Bank Retail Interest Rates publication for January, Brokers Ireland said while the weighted average interest rate on new Irish mortgages is almost a quarter percentage point (0.23 percent) lower than the euro area average as a whole it is showing increased upward momentum, having risen 24 basis points in one month, from 12 the previous month.

Sometimes people over-extend themselves, according to Liam Farragher. Liam's advice is clear, set your budget and stick to it. Tony Kavanagh mentions finance as an area where people sometimes fail to do enough research. Tony recommends taking to a mortgage broker to get the best advice on the cost of mortgages.