Time to lock in fixed savings rates now?

[TheJackal]

Boost for mortgage customers on the way as ECB set to deliver June interest rate cut

Boost for mortgage customers on the way as ECB set to deliver June interest rate cut

European policymakers are on track to deliver an interest rate cut in two months’ time after the rate of inflation in the eurozone fell by more than expected.

www.independent.ie

The Governing Council of the ECB, which decides on interest rates, meets next week. Some economists think the ECB could announce a rate cut at this meeting.

However, most economists believe the ECB will wait for more information on wage rises and will cut in June

Misleading headline as ECB have not announced anything, he's just going on what the majority of economists believe.

But people will be considering when is best to lock in fixed rates

 

[Lightning]

In November 2023, I asked the same question.

Since then, term deposit rates in Europe have reduced and mortgage rates for fixed terms have decreased too.

But in Ireland, term deposit rates, with the domestic banks, have stayed static and mortgage rates for fixed terms have stayed static too. Makes no sense. Term deposit rates should be declining. Mortgage rates for fixed terms should be declining too. Irish banks don't want to touch term deposit rates because people will start asking questions about fixed term mortgage rates.

Anyways, if you want to fix rates, and if you want to choose an Irish bank, and if you think the ECB will proceed with the cuts, then bagging a 3% fixed rate might perhaps be a good bet right now. Maybe. Or better still A&G via Raisin or BlueOR (direct) will give you 3.50% but that is not as good a rate as you could get 6 months ago.