There has also been a rise of an average of 0.75 percentage points in tracker rates for new customers, and the withdrawal of most discount trackers.
A year after the first twinges of the credit crunch, the number of lenders offering discount standard variable rate mortgages has dropped dramatically.
An Irish Mortgage Corporation study also revealed the 100% mortgage has all but disappeared.
The analysis of the mortgage market found only a very small number of lending firms were still making full financing available, to a very select amount of customers.
Average interest rates have increased significantly, with standard tracker mortgages feeling the greatest effect.
The report also found:
- The average cost of a standard tracker mortgage for owner-occupiers and first-time buyers has risen by around 0.75 percentage points.
- The average cost of a standard variable rate mortgage for owner-occupiers and first-time buyers has risen by around 0.49 percentage points.
- The average cost of a standard tracker mortgage to investors has risen by about 0.81 percentage points.
- The number of products available to customers has fallen from 330 to 261, representing a decrease of 20.91%.
"However, recent moves by several lenders to reduce certain fixed interest were welcome."
Around 35,000 mortgages, with the value of €7.2b, were taken up in the last three month.
This is in stark contrast to the 41,000, worth €8.7b, during the same quarter in 2007.
(PR/NS)