ECB Set To Raise Interest Rates For The Seventh Time

Thursday, 4 May 2023 12:48

By Caoimhe Harney

Tracker mortgage holders will be immediately impacted

The European Central Bank is set to announce a further hike in interest rates shortly.

It's expected there will be a quarter of one percent rise.

This increase will be the 7th by the ECB in less than a year.

The current base rate is at 3 percent, meaning mortgage holders face higher repayments due to rising interest.

Tracker mortgage holders will be immediately impacted, as their interest rates go up in line with the ECB.

There could be an increase in rates for new fixed and variable applicants, but that's up to the banks.

There could be further price hikes to come, with the ECB to meet again in June and July.

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