So the expectations of a more dovish ECB impact on mortgages

The banking turmoil has changed market expectations on interest rates: the way futures on the London Stock Exchange have moved in recent weeks shows that investors are expecting a “final rate” of 3.6 percent for September. Just a month ago, before the Silicon Valley Bank crash and the Credit Suisse crisis, the tipping point of the ECB’s monetary tightening was seen at 4 percent or just above. But now the vision of a more cautious Eurotower on future moves to the benefit of financial stability prevails.