On 10 September the Governing Council of the European Central Bank raised its three key interest rates by 0.25 points. From 16 September the deposit facility rate is 2.50%, the rate on the main refinancing operations 2.65% and the rate on the marginal lending facility 2.90%.

It is the second increase of the year, after the one on 11 June and the pause on 23 July. The ECB attributes it to price pressures linked to the conflict in the Middle East; its projections point to inflation of 3.0% in 2026, 2.5% in 2027 and 2.1% in 2028.

If you need to apply for a mortgage, it is worth comparing fixed and variable rate offers on the date of your application: the Bank of Italy data on new mortgages in July, with an average APR of 3.81%, predate this increase.

Sources

Where the data, rules and figures quoted here come from.

  1. 1.Banca centrale europea: Monetary policy decisions, 10 settembre 2026
  2. 2.Monetary policy statement, 11 giugno 2026, Banca centrale europea · accessed on 29 September 2026
  3. 3.Monetary policy decisions, 23 luglio 2026, Banca centrale europea · accessed on 29 September 2026
  4. 4.Tassi di interesse ufficiali della BCE, Banca centrale europea · accessed on 29 September 2026