6% mortgages – If average rates stabilized at around 3.2% in October, when the cost of money was 2%, some brokers in the market are already offering mortgages at interest rates above 5%. With the cost of borrowing increasing by half a percentage point to 2.5%, the 6% horizon looks closer than ever. While it does not come as a shock to consumers, who are already suffering from sluggish spending and being punished by inflation and lower growth, the ECB’s move is not only an excuse to reduce the use of credit, but also the likely reason to pay back more and more difficult.” This is Fabi’s analysis, According to which it will not be enough for banks to take advantage of raising interest rates and expanding the offer of financial products other than mortgages because the fate of those who do not have time to sign solutions or partial payment of solutions is already marked by the existence of the outstanding mortgage already and will add to the shadow that was looming over The horizon for months on real wages and already increasing premiums for those who have to pay off their debts.
Sting is for families – The more than four-fold mortgage cost has continued to scare families and businesses for several months, and if their financial capacity continues to be under pressure, the inevitable repercussions on new installments and loans will increase and lead to a redesign of family and business behavior, leading to an unsustainable situation that will harm not Only citizens, but the entire system. “The ECB’s decision will raise interest rates on mortgages for households, except for those with fixed rates, already contracted with banks.” “However, Italian families must not give up their lifelong dream of buying a home, because when interest rates fall and become more favorable, it will be possible to pay off the old mortgage with a new, more advantageous one,” says Fabi’s general secretary, Lando Maria Celloni. “For young people who want to buy a house, it is necessary for the government to economically strengthen the State Guarantee Fund,” he adds.
Number of loans to families and companies – Over the past five years, mortgage loans have increased – Fabi writes in its analysis – by as much as 46.1 billion (+12.2%) from 379.1 billion to 425.2 billion, and consumer credit by 11 9 billion (+11.7%) from 102.5 billion to 114.4 billion while other loans decreased by 4.1 billion (-2.9%) from 144.7 billion to 140.5 billion. On the business side, in the same period, there was a double-digit overall loan drop of 11.4 billion (1.7%) from 678.5 billion to 667 billion: this decline mainly relates to the short-term loan component of 65.8 billion dollars. billion (-30.3%), a decline that did not compensate for the growth in loans over 5 years, which increased by 59.39 billion (19.9%). Regarding medium-term loans (up to 5 years), the reduction was more limited but resulted in a contraction of 4.9 billion (-3.0%).
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