Laut durchblicker: Lending rates have been rising for some time

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In Austria, banks have already raised their lending rates ahead of today’s interest rate decision by the European Central Bank (ECB). This is the result of a survey by the comparison portal durchblicker.

Interest in savings has also increased, but not significantly. A further rise in interest rates is expected. For low-income families, more expensive loans can become a serious problem in the fall.

Banks have already anticipated the historic end of Europe’s zero interest rate policy on loans, and interest rates have been rising slightly for a year, according to a statement Thursday. With high inflation, the rise in the cost of credit accelerated sharply again.

According to data from the comparison portal, fixed interest rates have doubled or almost tripled since the start of the year. Depending on the bank and creditworthiness, customers are currently paying interest of 2.25-3.50% in July for a 10-year fixed rate loan instead of 0.750% a year earlier. Everything indicates that “interest rates will continue to rise in the coming months until the end of the summer”, explains Martin Spona, head of consumer credit at durchblicker.

Consumer loans also become more expensive by up to 2 percentage points. Durchblicker speculates that due to inflation, more and more consumers will need a short-term loan as early as August to cover ongoing fixed costs and pay bills. “If loans become more expensive again, families who have barely made ends meet in recent weeks will no longer be able to afford temporary financing and will find it even more difficult to obtain a loan,” warns Spona.

In the case of interest on savings, durchblicker expects an increase in the coming months. Although the first major banks raised the fixed term deposit rate in April for the first time in a long time to more than 1%, interest rates on demand deposits remain at a meager 0.01 to 0.35 %. Given the high inflation, durchblicker experts advise against tying long-term savings deposits and being flexible. “Even with shorter maturities, banks can again pay more than 2% interest this year,” says Spona.

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