Last week, the European Central Bank reduced its official deposit rate for commercial banks from 4% to 3.75%, with indications that further cuts might be coming. However, major Irish banks have yet to lower their standard variable rates, and there is no requirement for them to do so. Additionally, those on fixed mortgages won't see any benefit from these lower rates. Joe was joined by Margaret Barrett from Mortgage Navigators to discuss the current state of the mortgage market.