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ECB · mortgages

ECB rates and your mortgage

The ECB deposit rate is 2.5%, up from 2.25%: the ECB has raised rates this year. The next decision is Thu 29 Oct 2026. See what a move does to your repayment.

Updated Wed 16 Sept 2026 · ECB Data Portal
The European Central Bank tower on the River Main in Frankfurt, with the city skyline behind at dawn.
Seat of the European Central Bank and Frankfurt Skyline at dawn 20150422 1 · DXR · CC BY-SA 4.0 · Photo credits

What to do yourself

  1. 1
    On a tracker: check the new repayment

    Your lender changes a tracker automatically after an ECB decision and writes to you with the new repayment. Check it against the calculator above; there's nothing to apply for.

  2. 2
    On a variable rate: ask what your lender will do

    Lenders set variable rates themselves and may follow the ECB weeks later, or not at all. Compare your rate with the fixed rates on offer for your loan-to-value, on the CCPC's mortgage comparison or the lenders' own rate pages.

  3. 3
    Fixed rate ending: start two or three months before

    When a fixed rate ends you move to your lender's variable rate unless you choose again. Ask your lender for its options in writing, and compare them with switching to another lender.

  4. 4
    Switching: count the costs as well as the rate

    Legal fees, valuation, and any cashback all change the sums. An authorised mortgage broker can work it out for your case, usually without a fee to you.

Or let Cara do it

  1. 1Watches every ECB decision and your lender's rate changes.
  2. 2Emails you what each one does to your repayment, the day it happens.
  3. 3If switching could save you money, introduces you to an authorised broker. Free, and Cara takes no fee for it.

Nothing is switched, ordered or paid for without your YES. Cara never asks for passwords or card details.

The ECB rate since 2019

The deposit facility rate on the day each change took effect.

2.50% %
2019-09-18 → 2026-09-16
Low -0.50% · High 4.00%ECB deposit facility rate
Wed 16 Sept 2026Raised2.50%
Wed 17 Jun 2026Raised2.25%
Wed 11 Jun 2025Cut2.00%
Wed 23 Apr 2025Cut2.25%
Wed 12 Mar 2025Cut2.50%
Wed 5 Feb 2025Cut2.75%
Wed 18 Dec 2024Cut3.00%
Wed 23 Oct 20243.25%

What people ask

What is the ECB rate now?

The ECB's deposit facility rate is 2.5% and its main refinancing rate is 2.65%, since Wed 16 Sept 2026. Irish tracker mortgages usually follow the main refinancing rate plus a fixed margin.

When is the next ECB decision?

Thu 29 Oct 2026. The ECB decides eight times a year; the dates are on this page.

Does my tracker follow the deposit rate or the refinancing rate?

Most Irish trackers follow the ECB's main refinancing rate plus your margin; your loan offer says which. The two rates move together, so the change is the same.

Does the ECB change my variable rate?

Not directly. Lenders set variable rates themselves and usually, but not always, follow the ECB's direction, often weeks later.

Is switching worth it?

Often, for people on variable rates or coming off a fixed rate. The Central Bank's average new mortgage rate is a useful yardstick. Legal fees and cashback change the sums; an authorised broker can work it out for your case.

Coming up

How this is worked out

Repayments use the standard capital-and-interest formula over the years left. A tracker rate is the ECB main refinancing rate plus your margin. The ±0.25 figures show a quarter-point move, the usual step. Cara is not a mortgage broker or adviser and gives no advice on which mortgage to choose.

Maintained by John McEnroe at Cara, Dublin. Last checked Wed 16 Sept 2026. Spotted something wrong? admin@usecara.ie

ECB rate 2.5%: what it means for your mortgage · Cara