Tracker mortgage rates to rise after ECB hike interest rates by 0.5%

TRACKER MORTGAGE RATES for Irish banking customers are set to rise following the European Central Bank’s decision to raise it’s interest rate by 0.5%, the first hike in over a decade.

For Bank of Ireland customers, these increases will take place on 10 August, with the bank set to write to all tracker mortgage customers to confirm the changed rates.Permanent TSB also confirmed that the interest rate changes will not impact on personal fixed or variable rate mortgage customers. The broken supply chains and the rising cost of energy following Russia’s invasion of Ukraine that have driven the price surge are also weighing on economic activity in Europe.

Finding a way to balance growth and inflation risks looked like “an impossible equation to solve” for the ECB, he said. “Today’s announcement will hit the pockets of the approximately 300,000 Irish mortgage holders on tracker rates and probably the about 200,000 on variable rates,” he said. The ECB president that finally quelled the tensions on the bond market was Mario Draghi, who tendered his resignation as prime minister of Italy this morning over his country’s struggling economy.

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Explainer: Why is ECB raising rates now for first time in more than a decade?More interest rate rises are on the way but it may be some time before you feel the effect, unless you are on a tracker mortgage It’s called going into a possible worldwide recession. In the photo : a gangster massive hit to alot of households, what happens when they have no money for discretionary spending, alot of closures and unemployed. Thank you Lagarde recession
Source: IrishTimes - 🏆 3. / 98 Read more »