This is because the European Central Bank is due to meet tomorrow but market experts say it will not announce a new rate cut.

New figures from the Central Bank of Ireland show that mortgage rates in this country held steady at 3.60pc in July.

This leaves rates at their lowest level since March 2023.

Home-loan lending rates in this country are the seventh highest in the Eurozone.

But they vary hugely across the currency bloc.

They are as low as 1.76pc in Malta to as high as 4.16pc in Latvia, the Central Bank of Ireland figures show.

Wide variations also exist within Ireland, according to data from mortgage broker and comparison site Bonkers.ie.

Its analysis shows that for the average first-time buyer borrowing €300,000 with a 10pc deposit, variable rates range from 3.18pc to 4.70pc.

Rates for a three-year fixed mortgage range from 3.20pc to 4.85pc, Daragh Cassidy of Bonkers.ie said.

Mr Cassidy reminded prospective first-time buyers and switchers of the importance of shopping around when applying for a mortgage.

“Mortgage rates remain at their lowest level since March 2023, which is obviously good news for prospective first-time buyers and those looking to switch their mortgage over the coming months.

“It’s unlikely the ECB will change rates when it meets next.

“But there’s currently still a small chance that it will cut rates one more time before the end of the year. It really all depends on how close inflation remains to the ECB’s 2pc target.

“So we could see rates creep slightly lower over the coming months, but not by much.

“But the 3.60pc average rate really is just that — an average.”

Mr Cassidy said there are 10 lenders in the Irish mortgage market at present and there’s a wide variation in rates across them all.

He said different lenders offer different cashback deals and incentives, which also need to be taken into account.

“For example, a variable rate as low as 3.18pc is available right now for a standard first-time buyer with Avant Money’s new tracker-like mortgage product.

“But it’s 4.15pc with AIB and 4.70pc% with PTSB — it’s a big difference.”

He said it was similar for fixed rates.

“So I’d really encourage consumers to compare the market and shop around when applying for a mortgage — either as a first-time buyer or switcher. A good broker will help you find the best rates for your particular circumstances.”

The European Central Bank (ECB), which is headed up by Christine Lagarde, cut its lending rates for the eighth time in June.

But when the Governors of the ECB are due on Thursday they not expected to cut rates due to uncertainty in the global economy.

Political upheaval in France is another reason the ECB is unlikely to trim rates.

In the summer, the ECB cut the rate from which tracker mortgages are priced down to 2.15pc. It was last at this rate in late 2022, and rose to as high as 4.5pc at the end of 2023.

The pause follows more than a year of cuts as the ECB pivoted from tackling a surge in inflation to seeking to support the beleaguered eurozone.

Inflation has stabilised in the bloc, hovering around the central bank’s 2pc target in recent months.

“Any change in policy rates would be a big surprise,” analysts at HSBC said in a note on Thursday’s meeting.