Rates of loans and mortgages increasing from April
Little comforting news comes from the bank, which, according to its president, anticipated the possibility of an increase in interest rates on loans starting in April. The growth will hit all the countries that adopt the Euro and should stand at 0.25%: it will, therefore, pass from the current 1%, stable since May 2009, to an almost certain 1.25% which according to market estimates could reach 1.75% in 2011.
What does this mean? Simply put, those who are struggling with mortgage or loan payments will have to incur higher costs, especially in the case of variable-rate loans that base the calculation of interest on the IRS index, the market benchmark. Personal and finalized loans, as well as fixed-rate mortgages, will not be exempt from the price increase, which however will not be retroactive but will only weigh on new financial products.
In this context, however, the recent international political upheavals and the Japanese catastrophe have been inserted, which have rapidly changed the prospects for fear of serious repercussions on the world economic recovery. The result was a fall in the rates in mid-March, after the peaks at the beginning of the month following the bank reported statements.
In spite of everything, the latest figures from a bank confirm an increase in the demand for loans by Italian citizens in the first part of 2011. Loans to households, in particular, grew in January by 7.8%, while personal loans record quotas especially in a bank, with a percentage of 22.3%. A symptom of a renewed confidence in the financial sector or a consequence of the increasingly precarious economic situation of the families of our country?
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