The European Central Bank is expected to increase interest rates by a further 0.75% at its monthly meeting in Frankfurt today.
It'll be the ECB’s third interest rate hike this year and will add even more pressure to hundreds of thousands of homeowners who are likely to see their mortgage repayments increase significantly as a result.
Economist Colm McCarthy says its not over yet, with more rate hikes expected in the months ahead:
"The ECB in the past has raised rates by a half a percent initially and then by three quarters of a percent last time around. Some people think it would be another three quarters of a percent- but whether it's a half or three quarters or even 1%- It doesn't usually matter in the sense that this is a process and there will almost certainly be further increases."
