The European Central Bank has announced another 0.75% increase in interest rates.
It's the third interest rate hike this year as the ECB tries to control inflation in the Eurozone.
A further increase is expected when the ECB meets again in December
Finance Minister Paschal Donohoe said there are options available for mortgage holders.
"Changes that are happening in interest rates, I accept, are going to have an effect, and I do acknowledge that", he said.
"Over the recent period, over 80% of the new mortgages that are being issued are fixed-rate mortgages, which does offer a degree of insulation for the future.
"There are still switching opportunities available from banks to allow mortgage holders to get better value.
"I, nor indeed any government, cannot bring in measures that can compensate for what's going to happen to changes in interest rates.
"Indeed, if we were to do so, it would be counterproductive and potentially a new threat.
"However, we are bringing in other measures to help with the cost of living overall," he added.
Bonkers.ie spokesperson Daragh Cassidy said more increases are likely.
"For tracker customers and variable rate customers it is almost certain, when the ECB meets, that it's going to increase rates again to 2%," he said.
While this is low "by historical standards", Mr. Cassidy said it will be a blow to many, due to the current cost of living crisis.
"If interest rates go up to 2% and you're paying a 1% margin on your tracker, you'd be paying maybe an extra €170/€180 a month, if you had €200,000 remaining to pay," he said.
"It's not an insignificant amount of money and it's likely they'll increase even further again when the ECB meets in December - to 2.5%."