Some homeowners are about to face even higher monthly mortgage repayments.
The European Central Bank is expected to hike interest rates by another 0.25% today.
It'll be the ninth rate rise in just over a year.
However, it's thought it could be the last in the ECB's current campaign to curb rising inflation rates which are impacting the cost-of-living.
Economist Austin Hughes says another rate rise in September is now looking unlikely.
"There's a sense that the interest rate increases we've already seen are having quite a major impact on the economy and the risk is that the ECB overdoes it.
"I think they're now starting to acknowledge that this is a risk and it does mean that hopefully, we're very close to the top of the rate cycle".
