Since the beginning of March, the Euribor, the index to which most mortgages are referenced, remains anchored at -0.191%, a rate that has been repeated every March day, and leaves the monthly rate at -0.191 %, the same interest as in the previous month.
Last Thursday's meeting of the European Central Bank (ECB) did not expect changes in monetary policy and the speech of its president, Mario Draghi, was as restrained as we are used to, but you can draw conclusions. Although Draghi has prepared the market for a gradual withdrawal of stimuli it will not be short-term. The Euribor did not move and remained anchored at -0.191%, which for Antonio Sales, XTB analyst, is a sign that in the interbank market "takes for granted that there are not going to produce relevant short-term changes in the policy monetary policy by the ECB ".
Sales notes that Draghi maintained the possibility of extending the QE, although not increase in volume, which may be a clear indication that could be extended until the end of the year (ended this September) especially after knowing that inflation would not reach 1 , 7% until 2020, close to the 2% objective of the ECB.
Victoria Torre, an analyst at SelfBank, indicates that "The index is one year ahead of the decisions or movements that the European Central Bank can make regarding monetary policy and, more specifically, the management of interest rates. It expects the first movements of interest rates to be seen during the spring of 2019, but everything depending on the evolution of the economy, and more specifically, on inflation. "