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The data on home sales in the second quarter is not as bad as the outright reading of the numbers would suggest: the decline recorded by the Tax Agency was 27.2%. It must be borne in mind that until May 5 we were in the tightest phase of the confinement and that during the entire month of April, in reality, no events occurred except in cases where the events were not indelible. According to real estate agencies, the demand for housing has been alive again, especially from those who, due to the confinement, have realized the insufficiency of the property in which they live. Of course, between the generic willingness to buy a bigger or better divided house and the practical possibility of making the change there are a couple of major obstacles: the first is that you need to have the money to buy, the second that you need to find who. I sell the small and badly divided house.
Today the first obstacle seems easier to overcome than the second. The cost of money in the capital market is still at minimum levels and the policy of the banks, which keep the Eurir spreads lower than those of the Euribor, definitely favors those who choose the fixed rate. On September 17, the 20-year Eurirs was quoted at 0.03%, at 0.02% at 30 years, but the parameter, which we recall, is used to determine the pricing of fixed-rate mortgages, which in previous weeks it was also below zero. Where, in areas of eternal ice, it returns to the Eurirs, the variable rate index, which is trading at -0.53% for the quarterly value and at -0.50% for the monthly. The effect on the market that fixed and variable rate mortgages now have online costs and that obviously the prudential choice for the fixed rate plebiscite. The health emergency is causing the online broker business to surge, and the surrogacy market, which has always been the workhorse of those offering cross-branch comparisons on the web, remains active, even if it will inevitably decline. The rates of substitute mortgages are on average one tenth of a point higher than those of the first home purchase, this means paying on average around 0.60% for a mortgage with a residual of 120 thousand euros and a useful life of 20 years. .
To get an idea of the possible savings and assuming that, for the reasons mentioned above, you opt for a fixed rate loan, a subrogation loan at 0.60% would pay a fee of 531 euros. A first mortgage loan that today pays 1% costs 552 euros per month, 21 more: if the bank you want to replace forces the new client to open a support account with high costs, the change may not be convenient. The situation changes for those who have loans at a higher rate in progress: if we assume the 1.5% installment of 579 euros and the savings of 48 euros per month, it is sure not to be negligible. At 2% the cost of 607 euros, 76 more. For rates above 2% we do not offer accounts, but a question for the borrower: why have you waited until today to change?
