The number of new mortgage deals fell 31% month on month in March.
It comes as the European Central Bank continues to increase interest rates.
Last week the ECB raised interest rates by a further 25 basis points to 3.25% in an effort to reduce inflation.
Darragh Cassidy, head of communications at mortgage broker Bonkers.ie, says rising rates are cooling demand for home loans:
"The banks have been slow to pass on, the full brunt of the ECB rate increases, we are now seeing interest rates begin to go up and that's probably dampening demand a little bit as people reassess their options. And of course, there is still a big mismatch between supply and demand. But the figures are still quite strong and they're still quite high. So they do need to be put into perspective."
