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Mortgage rates at their lowest level in year and a half

The article from the Independent.ie discusses the current state of mortgage rates in Ireland, noting that they have reached their lowest level in a year and a half. According to the Central Bank of Ireland, the average interest rate for new mortgages dropped to 2.67% in January, down from 2.7% in December. This decline is attributed to competitive pressures among lenders and a broader economic environment where inflation is cooling, prompting expectations of potential interest rate cuts by the European Central Bank. The article highlights that this reduction in rates could benefit prospective homebuyers by lowering borrowing costs, although it also mentions that despite the drop, rates are still higher than the historic lows seen before recent economic turbulence. Additionally, the piece touches on the ongoing challenges in the housing market, including supply issues and the impact of previous rate hikes on mortgage holders.

Read the Full Independent.ie Article at:
[ https://www.independent.ie/business/personal-finance/mortgage-rates-at-their-lowest-level-in-year-and-a-half/a828256733.html ]