The Euribor rises, but why will it keep lowering mortgages?

Published on February 1st 2018

Despite this movement slightly higher, the indicator will continue to lower mortgages

The one-year Euribor - the indicator that is used most in Spain to calculate the mortgage share - will close January at around -0.188%, which will mean a slight uptick compared to the end of December, when the indicator ended at -0.190%.

Despite this movement slightly higher, the indicator will continue to cheapen mortgages, in particular with an average saving of 50 euros per year.

And this is possible thanks to the mortgages that are reviewed now have had to date the Euribor last year or just six months ago when the indicator was lower than the current one.

In fact, a year ago, in January 2017, the indicator stood at -0.095%, so that with a mortgage of 100,000 euros contracted then a term of 25 years with a differential of one percentage point on the Euribor would have a monthly cost of 372.59 euros.

However, if a mortgage with these conditions is reviewed using the current data, the cost will be 368.42 euros per month, so that those who have to review their mortgage payments will save an average of 4.17 euros per month, about 50 euros per year.

The evolution of the indicator depends on the increases or decreases in rates approved by the European Central Bank (ECB), which since March 2016 has not moved those of the historical low of 0%.


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