Last year the new mortgages they have skimmed the line 65 billion euros, the highest since 2015, the first year in which the total gross flow of new contracts was recorded. It is what emerges from a report by the Intesa Sanpaolo Studies and Research Department on the mortgage market.
According to the survey, compared to 2020 - when the signing of new contracts resisted despite the pandemic - in 2021 there was an increase of 11,7 billion.
In comparison with the average of the last three years before Covid (from 2016 to 2019), the increase was even more significant, equal to 12,5 billion.
Not only: in December new mortgages for house purchase recorded a change of 4,7% on an annual basis, the highest since November 2011.
The variation of mortgages in terms of stock
“In absolute terms – reads the report – in 2021 the increase in the stock amounted to 18,6 billion, an amount that is significantly different from that observed in recent years, more than double the 8,4 billion in 2020 and triple the average of 6 billion from 2015 to 2019”.
The renegotiations
Renegotiations, on the other hand, follow a dynamic that mirrors that of new issues and in 2021 as a whole, their volume fell to 14,3 billion, the minimum since 2015.
The average mortgage rate in Italy
In general, “the average rate overall closed December at 1,40%, 15bps higher than at the end of 2020, when it had reached an all-time low. Furthermore, also in the last part of the year, with an average value of 1,54%, the rate on renegotiations remained above the fixed rate and the distance was equal to 14bp in December, in line with the half-yearly average”.
In December there was a filing especially for the fixed rate, which closed 2021 in line with the annual average, at 1,38% from 1,44% in the previous month.
Il variable rate in the last quarter it was slightly lower than the central months of the year (respectively 1,33% and 1,39% the average from March to September), clearly returning below the fixed rate.
Household demand for mortgages
Finally, in the fourth quarter “the demand for mortgages presented by households to banks was still growing (net percentage equal to +18,2%), higher than in the previous quarter (+9,1%). A continuation of the expansion in demand is expected in the first quarter of 2022, even more robust (36,4%)”, concludes the report.
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