Even at 0%, Rising Rates Loom Over Europe’s Weakest Economies

Places like Italy, Spain and Portugal, where more homeowners have floating-rate mortgages, will feel the first impacts of Europe's rising interest rates

First impact will be in places like Italy, Spain and Portugal, where more homeowners have floating-rate mortgages

Carla Brilhante, who shares a one-bedroom apartment in Lisbon with her son, says interest-rate increases are making her mortgage payments unaffordable.The European Central Bank just raised interest rates to 0%. Even that is too much to handle for Carla Brilhante. Ms. Brilhante has a mortgage for her one-bedroom apartment in Lisbon that is tied to an interest-rate benchmark. For years,, as the ECB drove down borrowing costs to foster economic growth. But now, as the central bank reverses course to fight soaring inflation, the rate is rising fast, driving up Ms. Brilhante’s monthly payments for her home in the Portuguese capital.

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