The growth of the demand for mortgages in Italy is slowing down. Even if the interest rates continued to descend until July, in the second quarter of 2025, the one that runs from April to June, requests for loans to buy a house have increased more slowly than the first three months of the year.
The Mutui Bussola of Mutuisupermarket.it, made in collaboration with Crif (Centrale Financial Risks Spa). The cause of this slowdown, according to this report, would be the uncertainty determined by duties and wars, which makes families refer to the most important expenses, such as the purchase of a house.
It slows down the growth of the demand for mortgages
In the second quarter of 2025, interest rates in the Eurozone decreased. The ECB has decided to continue to give the economy by lowering the cost of the money, with two other consecutive interventions, in April and June.
| Date of the decision | previous rate | new rate | cut (in base points) |
| January 30th | 3.00% | 2.75% | 25 |
| March 6th | 2.75% | 2.50% | 25 |
| April 17th | 2.50% | 2.25% | 25 |
| June 5th | 2.25% | 2.00% | 25 |
The rhythm was therefore the same as the first quarter, a reduction of 50 basis points in three months. Despite this, the growth of mortgages has dropped significantly in Italy:
- First quarter +52.6% compared to the same period of 2024;
- According to quarter +13.6% compared to the same period of 2024.
However, this is significant growth, which brought the average of the first half to a 20%growth. The market is obviously less active and the reasons cannot be linked to rates since, as we have seen, they have come down.
Signals from variable rate mortgages
In detail, the mortgage market in Italy has remained very similar for dynamics between the first and second quarter of 2025. The subrogations, which allow you to renegotiate the interest rates of their mortgage by updating them to the most recent ones, remained about 38% of the total market in both periods. Families are therefore still interested in updating the conditions with which they agreed to open a mortgage. Instead, they are more wary of opening new loans.
The type of mortgage asked has partially changed. The fixed rate continues to represent more than 97% of the total applications, but requests for variable and mixed rate loans are also increasing:
- The variable rate mortgages went from 0.65% of the first quarter to 1.15% of the second;
- The mixed rate mortgages went from 0.90% of the first quarter to 1.06% of the second.
Uncertainty holds the purchases of houses
These data show that the growth of the demand for mortgages is not closely linked to the trend of the rates. While the cost of loans descended to the same rhythms between the first and second half, the increase in demand did not hold up the pace and slowed down.
In the bussola Mutui, the experts of Mutuisupermarket.it and of Crif They attributed this discrepancy to uncertainty. Dice and wars make the future less predictable and therefore Italian families have decided, in many cases, to postpone the purchase of a house, despite the interest rates were much more advantageous than the recent past.
