Mortgage interest rates unchanged

Mortgage interest rates unchanged

Mortgage interest rates were unchanged at the end of June 2012, relative to the previous month, according to new figures from the Central Bank.

The Central Bank’s retail interest rate statistics cover lending to, and deposits from, households and non-financial corporations (NFCs) in the euro area by credit institutions resident in Ireland.

The weighted average interest rate on outstanding mortgage loans with an original maturity over five years was 2.98. This was 44 basis points below the rate reported at the end of September 2011.

Interest rates on outstanding loans to households for consumption and other purposes were unchanged at the end of June, averaging 5.88%.

The interest rate on short-term loans for consumption and other purposes with an agreed maturity up to one year, which includes both overdrafts and credit card debt, increased by 27 basis points during the month to 8.95%.

Meanwhile, with regard to new business, interest rates on new loans to households for house purchases fell in June 2012.

The weighted average interest rate on new loans for house purchases with either a floating rate or up to one year initial rate fixation was 3pc in June 2012, compared with 3.04% in May.

Loans in this instrument category accounted for over 90% of new mortgage business in the last six months.

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