EBS is to cut its fixed mortgage interest rates for new and existing customers, dropping it to 2.9 per cent for up to five years.

That is down from the previous rate of 3 per cent. The rate change comes into effect from November 13th.

EBS chief executive Des Fitzgerald said the move represented "significant value" for mortgage customers looking for fixed rate certainty.

However, figures from the Central Bank show first-time buyers in Ireland continue to pay significantly more on mortgage repayments than their European counterparts.

Figures published last month showed the average interest rate increased to 2.99 per cent in August from 2.98 per cent in July. Rates have fallen 2 basis points in Ireland since the beginning of 2019.

The average mortgage interest rate in the euro zone fell to a series low of 1.48 during August.