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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 December showing Ireland with a weighted average interest rate on new mortgages of 4.19%, just 0.13% higher than the euro area average, and six basis points down on the previous month, Brokers Ireland said it is to be hoped that by mid-year the situation will have improved with some movement downwards by the ECB.

Commenting on the most recent Central Bank Retail Interest Rates for July 2021, Brokers Ireland said while Ireland is back at the top of the euro area league with Irish mortgage holders paying 1.45pc over and above the euro area average, there has been a continuing marginal improvement in the rate, reflecting more competition in the Irish market.