The on-going conflict in the middle east causing inflation is attributed to the increase.
The European Central Bank's increased interest rates by a quarter of one per cent.
Its governing council blamed inflation pressures created by the ongoing conflict in the middle east for the move.
There are around 100,000 tracker mortgage holders in Ireland and they will be the first to be impacted.
The move could put upward pressure on other mortgage rates over the coming months.
ECB President Christine Lagarde say the outlook remains highly uncertain:
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