Good news for homeowners or those looking to get on the property ladder.
The country's leading mortgage lenders have agreed to cut their variable rates or offer their customers new deals.
The Finance Minister will make the announcement today following a series of meetings with banks in recent weeks.
The new arrangements will be in place by July and affects customers of AIB, Bank of Ireland, Ulster Bank, Permanent TSB and others.
Variable rates will be cut by around nought-point-25 per cent.
Irish borrowers are charged up to 350 euro per month more in interest rates than the EU average.
