ROMA. Wheelies the brick price, a classic Italian safe haven. The flare-up of inflation in recent months and the conflict that broke out in Ukraine they had direct effects on the interest rates applied to mortgagesmaking it more expensive for families to ask for one today financing for the purchase of a property.
It was the Codaconswhich compared the rates charged by banks in the pre-conflict period and those in effect today.
In particular, fixed rates are affected by the concerns of the market – analyzes the Codacons –Euribor, the reference index of variable rate mortgages has remained substantially stable in the last 4 months (the 1-month Euribor is set today at -0.54%, compared to -0.58% of last January 3), Eurirs, also known as IRS, the reference index for fixed rate mortgages, has experienced a real surge, passing for example for 20-year mortgages from 0.60% at the beginning of January to the current 1.69%.
Those who take out a fixed-rate mortgage today for the purchase of their first home thus find final rates higher on average by + 0.50% compared to those who started a loan in January: a difference that, translated into a nutshell, is close to the +9,000 euros in total final expense on the mortgage.
In January 2022, in fact, the Tan (i.e. the pure interest rate that applies to a loan) on fixed rates was on average 1.20%, while today it is above 1.70%. On the basis of these data, Codacons has made projections to understand how the rise in rates affects the pockets of consumers who intend to take out a mortgage.
Assuming a mortgage request from 100.000 euro for the purchase of a first home and three different loan terms (20, 25 and 30 years), the rise in interest rates today costs up to +24.5 euros on each individual monthly installment compared to the same loan requested in January.
The most penalized are those who take out mortgages at 30 years – the Codacons again analyzes – The higher final rate on this type of loan and the longer duration of the loan increase the gap, leading today to a family that takes out a fixed-rate mortgage at 30 years to spend a total of approximately € 8,812 more than the same loan taken out at the beginning of January 2022only for the higher cost of the installments and without considering the other expenses (appraisals, practice fees, bank costs).
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