US, Irish Mortgage Rates Fall Amid Global Trends

Mortgage rates have recently declined in both the US and Ireland, reflecting broader global trends influenced by central bank policies and bond market movements. In the US, the average 30-year fixed mortgage rate has fallen slightly to 6.84%, with improved inventory and slower home price growth potentially benefiting buyers despite ongoing affordability challenges. In Ireland, the average new mortgage interest rate decreased to 3.72% in April—still the fifth highest in the euro area—and the market has seen its first sub-3% mortgage rates after a recent ECB rate cut. Cost-of-living pressures and elevated rates persist, but Ireland has experienced a notable decline in long-term mortgage arrears, though arrears remain high compared to other countries. Borrowers in both countries are advised to compare rates carefully, as advertised offers may differ from actual rates depending on individual circumstances. Experts suggest that ongoing competition among lenders could continue to shape borrowing costs.