Mortgages, so the variable rate prepares overtaking: by the most convenient summer of the fixed

The anomaly is about to end. According to the estimates of Mutuionline.itby the summer, variable rate mortgages could return to being more convenient than the fixed. Moreover, this is the « normal » condition, considering that historically the guarantee of not seeing the monthly installment changes over time you pay.

However, the abrupt rise in rates between 2021 and 2023 has made the counter skips and produced the anomalous situation that we have dragged so far, even if in the face of a more reduced differential. According to market expectations, the Euribor (reference index for the construction of variable rate mortgages) seems projected to 2% after at the beginning of the month has fallen under the value of the IRS (reference for fixed rate funding) for the first time from March 2023.

Continues to drop the cost of funding

Meanwhile, the last observatory of Mutuionline.it highlights that theEuribor He continues in the descent, while the IRS has undergone a slight rise in the first two weeks of the month, but has returned to the last few days to drop. On the expiry at one month, the former stands at 2.39% in the surveys of March 19, while at three months it is 2.41%. THE’IRS As mentioned, it is at the moment less convenient, with a value of 2.76% for the expiry at 20 years and 2.61% for the 30 year. Although in the meantime, the fixed rate requests are almost totalitarian, having reached an incidence of 99.6% in the first two months of the year.

If you look at the finished rates, taking as reference the financing applications to 20 and 30 years old, the average TAN of the variable dropped to 3.66%, five less than January bases than in January, but 38 if the comparison is made with November. If, on the other hand, you look at the fixed one, there is a slight ascent in the last month (from 2.83 to 2.87%), to return to the November levels.
These dynamics need some explanations. The variations month on month are not so significant, given that they depend on the commercial policies of the banks, which in periods prefer to push on an offer segment rather than another. In the medium term, however, both methods of financing for the purchase of properties record substantial discounts.

If, on the other hand, you look at the best rates, the savings compared to the average figure is 48 basis points in the case of the variable and 47 on the fixed. Which brings out the importance of not stopping at the first offer, but to compare different ones in search of the most convenient one. Resorting to a comparator like Mutuionline.it undoubtedly makes work easier.

Simulations can be made, you can get in touch with the institutes and have an always updated framework of savings opportunities.
In addition, it is possible to go down over 40 basis points if you opt for a Green mortgage Compared to a traditional one, which allows you to finance the purchase of a new property in energy class A or B or to be renovated, with the prospect of substantial improvements on the consumption front.

The surrogates are depopulated

The subrogations They reach very high levels with 37.1% of total requests, in the progress of three percentage points compared to the first quarter of 2024. It is the effect of the cuts to the rates operated by the ECB. Those who have turned on a mortgage in the moment of peak of the rates, often scraps the old contract today and subscribe to a new one, given the clearly more convenient market conditions. The growth of incidence of the surrogates inevitably affects the other mutual purposes, with the first house that remains in any case in an absolute majority (53.9% of the total requests).

Meanwhile, the average duration of the funding is growing, which in the first two months of the year stands at 24 years and 8 months against 24 years and 4 months of 2024. A cause of this trend is due to the increase in the average fund funded, which passes to 144,418 euros of average (+2.8% from 2024). The Loan to Value also grows, that is, the sum requested compared to the price of the property, reaching 69.1% from 68.7% of a year ago. Basically, in the face of the many unknowns of the current scenario and with salaries that struggle to keep the passage of inflation, we undue a little more than the past to fulfill the dream of a home owned.