There's more bad news for mortgage holders as an interest rate hike by AIB takes effect from today.
Its fixed and variable mortgage rates are facing an average increase of 0.46%.
The lender says the increase will be across AIB, EBS and Haven.
It comes after the European Central Bank increased rates earlier this month.
Seamus Coffey, a Professor of Economics at UCC, says it could have been much worse:.
"Rates are being fixed from 1 to 10 years, you can go for a 10 year fixed rate but now at at a rate of 5.1%.
"For those fixing between 3,4 and 5 years the rates available are around 4.5%.
"That is an increase of what they were before, but relative to across the Eurozone, relative to what the ECB have done, the rates are in line with what we might expect."
