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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.”