The average interest rate on Irish mortgages of more than five years maturity in Ireland stood at 3 per cent at the end of April, according to figures published by the Central Bank this morning.

This compares to an average euro zone rate of 3.8 per cent.

Interest rates for new mortgages stood at 3.05 per cent compared to an average of 3.20 per cent in the euro area.

Interest rates on non-mortgage loans to households in Ireland stood at 5.87 per cent. Shorter term loans of up to one year - which include overdrafts and credit card rates - stood at 8.64 per cent, a 7 percentage point drop on the previous month.

Interest rates on deposits of over two year maturity was 2.51 per cent. For shorter-term deposits which allow access to money on demand, interest rates have declined in recent months, following moderate increases during the first ten months of 2011, the figures show.

At  the end of April 2012, the weighted average interest rate on deposits redeemable at notice was 1.95 per cent. This figure represents a decline of 48 basis points compared to the rate reported at the end of October 2011.

The Central Bank also noted a "compositional shift" in household deposit trends, with Irish savers moving out of short-term products which are redeemable at notice and into longer-term deposits with agreed maturity, reflecting the prevailing rates of interest for both instrument categories.