ECB Rate Hike Sparks Fears of Fresh Mortgage Rate Increases

The European Central Bank (ECB) is set to announce its second rate hike this year, sparking fears of fresh mortgage rate hikes in Ireland.

Mainstream lenders did not raise their mortgage rates after the ECB's first rate hike in June, but experts warn that they may do so now.

The Central Bank of Ireland reports that mortgage rates in Ireland remain below the eurozone average, with an average interest rate of 3.48% in July, unchanged from June.

However, rates are expected to rise soon, which could lead to higher monthly payments for borrowers.