After being negative for six years and moving to positive values in April (0.013%), the index continues its climb after the change in the discourse of the European Central Bank (ECB), which will soon raise interest rates to to cope with the escalation of inflation.
Euskaraz irakurri: Euriborrak % 0.287an itxiko du maiatza eta hipotekek gorantz jararituko dute
The Euribor up to twelve months has registered a new monthly increase and is closed May at 0.287%after exiting negative territory for the first time in more than six years in April, closing at 0.013%, which will lead to higher prices for variable mortgages related to this index.
The Euribor, anchored in negative territory since 2016 due to the ultra-expansive policy of the European Central Bank (ECB) to support the recovery in the eurozone, continues its escalation after the change in the discourse of the European organization, which Continue, probably in July, and Eurozone interest rates for the first time in ten years to tackle rising inflation
This normalization of monetary policy has resulted in the Euribor pegging strong gains since the beginning of the year, ranging from December 2021 at a monthly interest rate of -0.502% to a positive value of the 0.013% last month of April.
This Tuesday, the last day of the month, it recorded a daily rate of 0.390%, giving an average of 0.287% for the month of May. If the Bank of Spain confirms this data, it would represent an increase of 27 basis points in the month and 76 basis points compared to the -0.481% registered a year earlier
The twelve-month Euribor is the main indicator on which the variable mortgages in Spain. Consequently, its increase is accompanied by an increase in the installments paid by the mortgages.
With the closing price in May of 0.287%, for example, a 20-year mortgage of 150,000 euros with a spread of Euribor +1% that is revised will have a increase 51 euros per month in your monthly amount or, which is the same, 613 euros per year.
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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.
