MORTGAGE lending crashed to its lowest level on record in May, as property transactions seized up due to the lockdown. It comes after what was until now a record fall in April that saw a 40pc drop in new mortgage lending in that month to €407m. The average rate on new fixed rate mortgage agreements stood at 2.74pc, an increase of 4 basis points on April. Fixed rate mortgages accounted for almost three-quarters of all new agreements in the three months to May. The equivalent euro area rate stood at 5.12pc in May.

Source: Irish Independent July 10, 2020 13:41 UTC