ECB set to raise interest rates

The ECB is expected to announce a further rise in its interest rate today.

It’s set to increase by half a per cent to a record 3.5% percent.

There was speculation that European bank bosses might delay the move following the collapse of Silicon Valley Bank in the US.

Daragh Cassidy from price comparison site Bonkers dot ie says those on tracker mortgages and first-time buyers will once again be the most-impacted.

“It does look like that the ECB is going to continue to increase rates over the coming weeks and months, and at the end of the year we could see its main lending rate at 3.75% or 4%.

“If it gets to that level you’re looking at the cheapest mortgage rate in Ireland being around 5% or even higher.”


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