Mortgage rates set to increase...


Mortgage rates set to increase this year

RedFM News
RedFM News

06:35 10 May 2022

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Mortgage hikes could be on the way for many homeowners by the end of the of the summer.

Speculation is mounting that the European Central Bank will increase interest rates in an effort to deal with accelerating inflation across the EU in the coming months.

One leading economist in Ireland said the incremental increases in rates could continue into next year.

Jim Power said the low interest and inflation rates we have become used to will be coming to an end very soon.

"By the end of summer the European Central Bank will be starting to seriously contemplate the interest rate tightening process, and it is likely to continue into 2023.

"So the era of super low interest rates is over, and indeed the era of super low inflation is over."

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