The benchmark index fell slightly in April to an average of 3.703% and is below its value just a year ago.
The annual Euribor, the indicator most used in Spain to calculate variable mortgages, is heading for a slight decline in April, in the absence of the latest data for the month that will be known today and which, if confirmed, would be reduced For the first time since 2022, mortgage payments will be reviewed annually.
Although the reduction in variable quotas is very small and will not amount to an average of five euros less per month, it represents a turning point since the index started to rise following the monetary tightening of the European Central Bank (ECB) in light of the the increase in inflation.
How much will mortgages fall?
At a provisional average Euribor of 3.703%, compared to 3.718% in March and 3.757% in April 2023, the repayment of an average mortgage of 150,000 euros for 25 years with a spread of 1% and revised annually will be approximately 4. 6 euros drop.
Lower rates
The ECB committed half of its commitment to the first interest rate cut in almost five years at its meeting on June 6 since it decided to maintain interest rates for the fifth time in a row at its last meeting on April 11.
Source: EITB
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