Ireland has highest mortgage interest rates in EU

Ireland has the highest mortgage interest rates in the euro zone, new figures from the Central Bank show.

The average interest rate on new Irish mortgage agreements stood at 2.69% in December, compared to euro area average of 1.29%.

Ireland is followed by Greece at 2.55% and Latvia at 2.26%.

Finland has the lowest average rates in the euro zone in December at just 0.77%, closely followed by Portugal at 0.82%

Today's Central Bank figures also show that the average interest rate on new consumer loans was 7.49% 

This is higher than the equivalent euro area rate stood at 5.06%.

Despite having the highest rates in Europe, Irish mortgage rates continue to move downwards and are now at record lows.