Brendan Burgess
Founder
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- Variable rate new housing loans (excluding renegotiations) averaged 4.13 per cent over Q2 2015 (Table 2), remaining broadly unchanged from Q1 2015. The latest data show that for primary dwelling mortgages, new business fixed rates are below standard variable rates across all fixation categories following recent declines. While SVR rates have remained stable in Q2, fixed rate pricing on new business mortgage contracts has declined. In terms ofnew business PDH contracts, fixed rates have declined by nearly 20 basis points for both the 1-3 and over 5 years categories compared to Q1. In a similar fashion, fixed rates on BTL mortgages, declined by 125 basis points for the 3-5 year fixation cohort.
- Rates on new business term deposits continued to decline in June 2015 (Chart 1). Rates applicable to NFCs decreased by 5 basis points to 0.13 per cent, while the corresponding rates for households fell by 13 basis points to stand at 0.31 per cent.
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- The rate on new floating rate loan agreements[2] for house purchase (which includes renegotiations), was 3.38 per cent at end-June 2015, representing an increase of 7 basis points over the month. The equivalent euro rate was 2.02 per cent. Irish rates have decoupled from their traditional correlation with the MRO benchmark (Chart 2).