Around 400,000 mortgage holders are set to face higher monthly repayments.
The European Central Bank is expected to increase interest rates by a further 0.75% at its monthly meeting in Frankfurt today.
It'll be the third interest rate hike this year as the ECB tries to control inflation in the Eurozone.
Today's increase would bring recent interest rate hikes to a total of 2%.
The Finance Minister, Paschal Donohoe, says the government can't bring in measures to protect people from rising interest rates.
Minister Donohoe, says "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, or indeed any government, cannot bring in measures that can compensate for what's going to happen to changes and interest rates, and if we were to do so, it would be counter productive."