Average mortgage rate up to 4.65% in June

The Bank of Italy said Wednesday that the average annual percentage rate on a mortgage in Italy rose again in June, climbing to 4.65% from 4.58% in May, Azernews reports, citing ANSA.

The payments on variable-rate mortgages have increased significantly due to the European Central Bank's policy of raising interest rates to combat high inflation.

The central bank added, however, said the average rate for consumer credit dropped to 9.03% in June from 10.43% due to the effect of renegotiations.