The European Central Bank Looks Set To Hike Interest Rates

Thursday, 15 December 2022 10:25

By Caoimhe Harney

It will be the fourth increase in rates since the summer

The European Central Bank is set to announce another interest rate hike today.

The latest increase will put further pressure on homeowners already dealing with rising energy prices and grocery bills.

This will be another blow for Irish mortgage holders as the European Central Bank announces another interest hike this afternoon.

It will be the fourth increase in rates since the summer.

But there are growing hopes that eurozone inflation is nearing its peak, which could result in a smaller increase of 0.5 percentage points.

For consumers, this means the cost of repayments on a €200,000 mortgage will have risen by close to €3,000 in a year.

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