Mortgages, big news in 2024: here's how the installments change
Big news coming for those who have chosen to get a house with the mutual. The slowdown in prices could lead to cuts interest rates and this possible scenario is leading to the decline of IRS rateleading to a first significant reduction in the cost of fixed rate mortgages.
The tension on mortgages is easing, especially on mortgages fixed rate making those families who were thinking about purchasing a new home breathe a sigh of relief. As reported Todaythe situation remains difficult for those who have already bought the house with a loan variable rate given that the index Euriborto which variable rate mortgages are linked.
Be careful though because if it is true that we are witnessing a pause in the increases in the cost of money by central banks, it is also true that the strategy in terms of reducing inflation has not yet come to a complete end. In any case, the IRSthe European reference index for i mortgages to fixed ratebegan to move downward, lightening the cost of loans. By how much? Even up to 24 thousand euros, as reported Today.
How mortgage payments change in 2024
Between mid-November and mid-December the reference rate for mortgages a fixed rate it went from 3.67 percent to 3.05 percent, generating a saving of 24 thousand euros on a loan of 200 thousand euros over thirty years.
In the case of a 100 thousand euro mortgage the monthly installment recorded a contraction of 31.63 euros for 20-year durations and of 33.28 euros when extending the duration to 30 years. This translates into savings, at the end of amortization, of between 7,951 and 11,980 euros.
For a 150 thousand euro mortgage, the savings on the monthly installment in just one month stood at 48 and 50 euros respectively for the durations of 20 and 30 years. At the end of amortization, this means a saving of 11,520 euros for the twenty-year term and even 18,000 euros for the thirty-year term.
For a mortgage of 200 thousand euros, the monthly installment has been reduced by 63.26 euros per month for 20-year mortgages and 66.56 euros for 30-year mortgages. At the end of the loan, all this will bring the borrower a saving of 15,182 euros for the twenty-year term and 23,961 euros over the 30-year term.
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