The European Central Bank (ECB) raised its interest rates for the ninth consecutive time since last year on Thursday 27th July.
Although this is putting increasing pressure on mortgage holders, the ECB claims it is necessary to fight inflation.
President of the ECB Christine Lagarde said,
“We are very strongly rooted in our determination to break the back of inflation. There is the possibility of a hike next time. There is the possibility of a pause. It’s a decisive maybe.”
"The problem is that inflation is coming down too slowly and could take until 2025 to fall back to 2%"
WATCH: SYS Mortgages Manager Helen Slattery breaks down the ECB’s most recent interest hike in this short video.**Update: Since this video was recorded, Permanent TSB have increased their rates.
