Mortgage rates begin to fall. Interest rates on home loans are starting to decrease, after two years of steady increases following the monetary policy decisions of the European Central Bank (ECB). Compared to the record hit last November, when mortgage rates stood above 4.9%, there is now a general reversal of trend affecting both fixed and variable rates. According to Codacons, which analyzed the trend of rates in the last period, those who now take out a fixed-rate loan for the purchase of their first home find themselves with an APR between 2.7% and 2.8%, a sharp drop compared to the average of 3.7% in November 2023. This translates into a lower monthly installment, with savings of about 45 euros per month for a mortgage of 100,000 euros over 30 years, and 67 euros per month for a loan of 140,000 euros over 25 years. On an annual basis, the lower expense will be 540 euros in the first case, and more than 804 euros in the second. Analyzing the trend of variable mortgage rates, today the best offer on the market for a loan of 100,000 euros over 30 years presents an APR of 4.62% compared to 4.91% in November, and a monthly installment of 496 euros compared to almost 513 euros four months ago, with a saving of 16.8 euros per month. For a mortgage of 140,000 euros over 25 years, the APR goes from 4.95% in November to 4.65% in April, with a lower expense of more than 22 euros per installment. For the same amount, but with a thirty-year loan, the APR drops from 4.94% to 4.64%, equivalent to a lower monthly installment of 23.68 euros, and an annual saving of about 284 euros. These are small positive signals that, however, are not enough to bridge the gap caused by the sharp rise in rates recorded between 2022 and 2023 as a result of the continuous increases imposed by the ECB, with impacts that have reached for some types of mortgage a greater expense of up to 5,000 euros a year compared to the rates in force at the end of 2021, adds Codacons. The consequences of the expensive installment have been disastrous both on the real estate front and on the credit front: last year, just under 710,000 homes were sold in our country, with a decrease of 9.5% compared to 2022. The total share of homes purchased through financing was just over 36%, the historical minimum, and the Crif risk center recorded for 2023 a decrease of 24% in mortgage applications and 24% in disbursements. The mortgage stock has thus dropped in our country from 426.2 to 423.5 billion euros, 2.7 billion euros less, with indirect negative effects on the construction sector, furniture, and furnishings, concludes Codacons.
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