There's evidence homeowners are rushing to switch their mortgages before interest rates rise again.
Almost 19% of new mortgage draw downs in the month of October were from existing homeowners looking to avail of good deals as the European Central Bank continues its rate hike policy.
In total €1.5bn in mortgage lending was issued last month.
Brian Hayes from the Banking and Payments Federation of Ireland says although first-time-buyer drawdowns are slowing, he believes they will remain active in the housing market.
"If we see a dulling of the market in terms of house price inflation, many first time buyers may take the plunge to get into the market at this more challenging time because they see some stabilisation in house prices more generally.
"I think a dulling of the market for first time buyers would be no bad thing in terms of those first time buyers taking the plunge and deciding to get their foot on the property ladder."
