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.
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