What's the link between the Coronavirus and mortgage rates in Italy? The obvious answer would be: there is no link. However, it seems that the fear of catching the virus can somehow save money.
Mortgages are always changing but according to the Italian newspaper, Il Sole 24 Ore, the impact of the Coronavirus on financial markets in general has been felt in terms of increased instability, and in particular on interest rates on government bonds (such as US Treasury bills or the German Bund), seen as a safe refuges considering the global economic slowdown as a result of a slowdown in the Chinese economy.
The impact on interest rates is also reflected in the Eurirs index, the forerunners of interest rate movements in Europe and the basis for fixed-rate mortgage rates. Since mid-January, the Eurirs index has seen a drop of 20-30 basis points, precisely as a result of forecasts of a global economic slowdown leading investors to buy safer assets (such as German bonds), causing yield, and hence interest rates, to fall.
This means that a fixed-interest mortgage is even more affordable today in Italy and across Europe than it was a month ago. However, as always, attention must be paid to the bank spreads that are added to the base rates and also to the fact that weeks may pass between the application for a mortgage and its acceptance, during which the rates can still show new variations. If the Coronavirus epidemic, as we all hope, were stop or at least slow down, the outlook for the economy could also change and with it, the mortgage rates.
- Use the idealista mortgage calculator to find the best mortgage for your property in Italy
Article seen in: Coronavirus, perché la paura del contagio fa calare le rate dei mutui (Il sole 24 ore)
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