In the Eurozone there are several interest rates which are set by the ECB.
The rate that most people in Ireland on tracker mortgages are interested in is called the main refinancing rate .
This rate was reduced to an all-time low of 0.0% in March 2016
The ECB increased this refinancing rate to 0.5% from 27th July 2022.
And on Sept 8th – a further increase of 0.75% was announced – this came into effect from Sep 22nd. The new ECB rate was 1.25%
From November 2nd 2022 – the ECB interest rate rose again to 2%
There will be another increase on 21st December – when the interest rate will rise to 2.5.#The ECB rate was last at the level of 2.5% back in 2008
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The refinancing rate is the rate at which the ECB lends money to commercial financial institutions like banks. It is this rate that determines the rate charged on “tracker mortgages” which first appeared in Ireland around 2001 – but have not been available in Ireland since 2008.
Here is The ECB Interest Rate History since 2003
| Date | Interest Rate % |
| 2003 7 Mar | 2.50 |
| 2003 6 Jun | 2.00 |
| 2005 6 Dec. | 2.25 |
| 2006 8 Mar. | 2.50 |
| 2006 15 Jun. | 2.75 |
| 2006 9 Aug. | 3.00 |
| 2006 11 Oct. | 3.25 |
| 2006 13 Dec. | 3.50 |
| 2007 14 Mar. | 3.75 |
| 2007 13 Jun. | 4.00 |
| 2008 9 Jul. | 4.25 |
| 2008 15 Oct. | 3.75 |
| 2008 12 Nov. | 3.25 |
| 2008 10 Dec. | 2.50 |
| 2009 21 Jan. | 2.00 |
| 2009 11 Mar. | 1.50 |
| 2009 8 Apr | 1.25 |
| 2009 13 May. | 1.00 |
| 2011 15 Apr | 1.25 |
| 2011 15 July | 1.50 |
| 2011 9 Nov | 1.25 |
| 2011 9 Dec | 1.00 |
| 2012 9 July | 0.75 |
| 2013 8 May | 0.50 |
| 2013 Nov | 0.25 |
| 2014 Jun | 0.15 |
| 2014 Sept | 0.05 |
| 2016 March | 0.00 |
| 2022 July | 0.5 |
| 2022 Sept | 1.25 |
| 2022 Nov | 2.00 |
| 2022 Dec | 2.50 |
You can see the latest Mortgage Interest Rates in Ireland here.
See Euro Sterling Historical rates