NATIONAL Irish Bank has become the latest financial institution to reduce its fixed rate mortgage costs for new borrowers. The new three year fixed rate is 7.45 per cent (APR 7.7 per cent) while the five year rate is 7.7 per cent (APR 7.7 per cent). The move reflects lower bond market interest rates. The new Tates are effective from yesterday, while a new one year fixed rate of 6.25 per cent (APR 7.2 per cent), has been on offer from last week. The main variable mortgage interest rate remains unchanged at 7.1 per cent (APR 7.3 per cent).