The cost of paying for the average Irish mortgage looks set to increase today.
The European Central Bank meets in Frankfurt later where an interest rate increase of 0.75% is being predicted.
The rise in rates is necessary to curb inflation in the Euro currency zone which last month rose to 9.7%.
Economist Austin Hughes says the time may have arrived for financially-stretched mortgage holders to seek advice on how to minimise their monthly payments.
"Today's increase will be large, and it won't be the last interest rate increase.
"People need to do their own calculations, and maybe talk to a financial adviser about the best option for them.
"People need to think about the possibility that rates could go a good deal higher in the months to come."
