Average new mortgage rate in March was 3.15%????

[Brendan Burgess]

The Central Bank published information on Irish mortgage rates today

The Central Bank says the weighted average interest rate on new mortgages was 3.15% in March, up from 3.09% in February.

This looks very wrong. I don't think any lender was actually lending at 3.15%, so how could the average be this low?

Is this an error by the Central Bank or by RTE or by me? I can't find the press release

 

[DerKaiser]

Presume a large chunk of the new business is done by AIB at the standard variable rate for LTV < 80%. So it's not impossible.

[broken link removed]

 

[Brendan Burgess]

LTV Variable< =50% 2.84% 2.88% EUR 5.46 LTV Variable > 50%< =80% 3.04% 3.08% EUR 5.56 LTV Variable >80% 3.24%


I didn't think that AIB was writing much business. I thought it was mainly BoI. But there would be very few at < 50%. I would have thought that the majority was over 80%.

Brendan