The rise in rates is being felt on new mortgages.
After years of substantial calm, the cost of loans began to increase again, as certified only a few days by the Bank of Italy, which found a return above 2% in March for the first time since 2019.
April and May confirmed the same trend and the result is that those who want to take out a loan now find themselves paying much more than they would have been required only 4 or 5 months ago.
For example, a 37-year-old who today asks for a fixed-rate loan worth 100 thousand euros for the purchase of a house in Rome, finds himself a Tan (nominal annual rate) more expensive between 0.80 and 1% compared to in January 2022, depending on the duration of the loan.
The monthly payment, calculates the Research and Studies Center of Alma Laboris Business School, thus rises in just over 4 months by about 38 euros for a 20-year mortgage, by over 40 euros for a 25-year mortgage and by 49 euros for a 30-year mortgage.
On an annual basis - again reports the company specializing in masters and advanced training and specialization courses for professionals - the surge in rates translates into an increase in expenditure that reaches almost 590 euros in the case of a 30-year mortgage compared to the same loan requested in January.
Considering the totality of the installments, and net of bank charges, appraisals and other costs related to loans, a 20-year fixed-rate mortgage today costs 9,099 euros more than at the beginning of the year, + 12,107 euros a 25-year mortgage, and + € 17,640 for 30 years.
The Eurirs, that is the reference index for fixed rate mortgages, has recorded strong growth in recent weeks, increasing by over 1.30 points in just 4 months (Irs at 20 years) - explains Alma Laboris - An increase which is reflected directly not only on the conditions applied by the banks that grant loans, but also on the monthly and annual expenses borne by those who take out a mortgage.
"The sharp rise in interest rates is directly affected by the conflict in Ukraine and the economic instability of the moment. - says the director of Alma Laboris Business School, Dario Numerooso - It is good to remember that those who have already taken out a fixed rate mortgage will not suffer any consequences, because the repercussions of this situation will be felt only by those who take out a loan today. For the variable rate, however, the situation is stationary, a factor that is pushing an increasing number of Italians to opt for this type of mortgage today , which at the moment allows considerable savings on the monthly payment compared to the fixed rate ", concludes Numerooso.
