In Italy 3.5 million families with a mortgage

Installments on new fixed-rate mortgages "destined to double" and 31% increases for those with variable rates.

Fabi does the calculations and in a report on the impact of the rise in the cost of money to 3% just decided by the ECB, takes stock of how credit to households in our country has changed and how interest rates could evolve interest.

And if, as announced, the cost of money is raised to 3.5% in March, "further increases in interest rates on all types of financing will be inevitable".

The repercussions are significant taking into account that, already today, the installments of old variable-rate mortgages have undergone increases of up to 43% and that in Italy there are 6.8 million indebted households, equal to approximately 25% of the total.

Of these, 3 and a half million have a mortgage for

buying a house.

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: The installments of old variable-rate mortgages have grown on average by 43%: this means that those who used to pay an installment of around 500 euros a month now pay 715 euros a month or 215 euros more.

Now, after the latest increase in the cost of money decided by the ECB, "it is very probable that the installments of old variable-rate mortgages could go up again".

    New variable-rate mortgages could soon reach an average of 3.4% from 0.6% at the end of 2021: this means that for a 150,000-euro loan with a duration of 20 years, the monthly payment will be 872 euros , a good 206 euros more (+31%) than the 665 euro one that would have been obtained a year ago.

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: The new fixed-rate mortgages have gone from an average interest of about 1.8% to even over 4% with monthly installments which, therefore, can be doubled on the basis of bank offers.

    For a fixed rate mortgage of 200,000 euros over 25 years (the average rate applied by banks could be 3.9%), the monthly installment is 1,056 euros;

for a loan of 100,000 euros, also for 25 years, with an interest rate of 3.7%, the monthly payment is, however, 517 euros.

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At the end of 2021, the average interest rate was 8.1%.

Today, with ECB rates at 3%, it could reach 11.3%: to buy a 25,000 euro car entirely in installments, with a 10-year loan, the total cost goes from 37,426 euros to 42,986 euros, with a overall difference of 5,560 euros (+15%).

To buy a 750-euro washing machine entirely in installments, with a 5-year loan, the total cost goes from 942 euros to 1,022 euros, with an overall difference of 81 euros (+8.6%).