The markets are betting that hard pressed mortgage holders will face another interest rate increase today.

Image via Pixabay

The European Central Bank will meet later to consider if it will increase the rate to borrowers for the tenth time.

Those on tracker rates will be first to feel the pain if the ECB agrees to a quarter of one per cent increase.

70,000 homeowners coming off fixed rates by the end of the year are also facing huge hikes in repayments.

Economist Austin Hughes believes the ECB should put the brakes on further rate hikes.

‘There have been some leaks from ECB  sources that suggest there could be a rate rise.  I’m still hoping it won’t happen.  I don’t think its needed, this will be the tenth in a row since July of 2022 and I think that’s 2 or 3 rate hikes too far for the ECB.’