Average mortgage rate up to 4.58% in May in Italy

The Bank of Italy said Tuesday that the average annual percentage rate on a mortgage in Italy rose to 4.58% in May, up from 4.52% in April, Azernews report, citing ANSA.

It said the average rate for consumer credit was 10.43%, up from 10.29%.

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.

Italy's lenders are ready to respond to the government's call to extend the duration of variable-rate mortgages for households struggling to make their payments, Italian Banking Association (ABI) President Antonio Patuelli said last week.