Bank of Italy, in November 2023 the mortgage rate will rise to a 15-year high of 4.92%. Bank loans are decreasing – MilanoFinanza News

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In November last year, rates at new mortgages paid to families by banks in Italy reached i maxim last 15 years. According to the latest analysis Banks and Money: National Series Italian banks, in November interest rates on loans disbursed in the month to families for the purchase of houses including ancillary expenses (known as Taeg, the global effective annual rate) were 4.92%, compared with 4.72% the previous month. According to the historical tables of the Via Nazionale institution, it is higher value since December 2008, when this item recorded 5.12%.

After the end of the monetary tightening announced by European central bank (ECB) and waiting for the start of the first cuts in the cost of money, mortgage rates should now start to fall slightly. Newly signed fixed-rate mortgages will benefit from this, according to analysts.

Fewer and fewer loans to families and companies

However, if we return to the analysis of the Italian Central Bank, precisely as a result of the tightening of monetary policy by the ECB, the decline in bank credit continues in Italy. Loans to the private sector also decreased overall in November by 3.2% year-on-year after minus 3.1% in the previous month.

Loans to families fell by 1.2% over twelve months (down by 1.1% in the previous month) and to non-financial companies by 4.8% (down by 5.3% in the previous month). Meanwhile, private sector deposits fell 4.1%, again on an annual basis, after minus 5% in October. However, the trend continues to strengthen in the opposite direction bond collection banks, with a positive change of 19.7% in November from +17.9% in October.

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