Growth slowdown depressing demand for bank loans - ABI

Average rate of new Italian mortgage down to 3.33%

By: ansa.it

Oct 12 2024
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Growth slowdown depressing dem

Italian banking association ABI said Saturday that the slowdown in the nation's GDP growth has depressed demand for loans.
    It said bank loans to households and non-financial businesses stayed on a downward trend in September, falling by 1.2% with respect to the same month in 2023.
    It said the average APR rate on a new mortgage in dropped to 3.33% in September down from 3.59% the previous month.
    The mortgage rates have been coming down after hitting 4.42% in December 2023 following a series of hikes by the ECB aimed at combatting inflation.
    The ECB has since started to reduce interest rates.
    ABI said the average rate on new business loans decreased to 4.96% in September from 5.13% in August 2024 and 5.45% in December 2023.