September 29, 2022

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Crisis: Biting in Mortgages. Because of inflation and war, prices are flying. Numbers – Economy

Rome. Wheels brick priceA classic Italian safe haven. Inflation has risen in recent months and the conflict that has erupted Ukraine It had direct effects on the interest rates applied to Mortgagesmaking it more expensive for families to order today Financing the purchase of a property.

It was codaconwhich compares the rates charged by banks in the pre-conflict period and those in force today.
In particular, fixed prices are affected by market concerns – Codacons Analytics –Euribor, The benchmark index for variable rate mortgages has remained largely stable in the past four months (the one-month Euribor is set today at -0.54%, compared to -0.58% on Jan. 3), and the Eurirs, also known as the IRS, the reference index saw Fixed rate mortgages are on a real high, as for example 20 year mortgages have gone from 0.60% at the beginning of January to 1.69% currently.

Those who take out a fixed-rate mortgage today to purchase their first home find final rates on average +0.50% higher than those who started a loan in January: a difference that translates to close to +9,000 euros in total final mortgage outlays.

In January 2022, in fact, the tan rate (that is, the pure interest rate that applies to the loan) on fixed rates was on average 1.20%, while today it is over 1.70%. On the basis of this data, Codacons has made forecasts to understand how price hikes will impact the pockets of consumers intending to obtain a mortgage.

Assuming a mortgage request from €100,000 To buy a first home and three different loan terms (20, 25 and 30 years), Today’s interest rate hike reaches +24.5 euros On each individual monthly installment compared to the same loan requested in January.

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The most punished are those who get mortgages at age 30 – Codacons analyzes again – the higher final rate on this type of loan and longer term of the loan increases the gap, which today leads to a family taking out a fixed-rate mortgage at age 30 to Spent approximately €8,812 more than the same loan obtained at the beginning of January 2022only for the higher cost of the premiums and without taking into account other expenses (evaluations, exercise fees, bank costs).