The twelve-month Euribor has therefore seen 17 consecutive months of increases and is the highest since November 2008.
ao | EITB Average
The 12-month Euribor, the most commonly used indicator in Spain to calculate mortgage payments, continues to rise and the monthly rate May was 3.862%, while the average monthly value in April was 3.757%.
The twelve-month Euribor chains like this 17 consecutive months of promotionsand it is the highest figure since November 2008.
So the increase in the Euribor affects variable mortgages which should be assessed with the data of this month of May. For example, a mortgage of 180,000 euros for 25 years yields 344.94 euros more per month.
The indicator stood at 3.978% on March 9. However, the banking crisis in the United States caused a downward movement of the Euribor. Those days it fell to the lowest since January 2023, with a daily rate of 3.322%.
Once these turbulences passed, the Euribor continued to rise and today, May 31, the Euribor daily rate has touched 4%, having reached 3.939%.
The market expects that the European Central Bank (ECB) it will continue to raise rates, something it will predictably announce at its next meeting on June 15. In early May, the ECB raised interest rates by a quarter of a percentage point to 3.75%, suggesting it would not be the last.
The Euribor has not stopped its advance and that is reflected in the real estate market. In fact, mortgages formed in the CAV and Navarra fell by more than 14% in March compared to March 2022. In addition, home sales fell by 3.79% in March in Hegoalde.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
