He euribor closes October with its lowest price, falling to a 2.547%. This drags the monthly average to 2.691%, which triggers discounts in the mortgages in Spain. The indicator to which most mortgages currently refer continues its downward path after the rate cuts of the European Central Bank and it seems to show the path of what should happen, to the joy of so many mortgage holders, a year after it hit its ceiling. This translates into discounts of more than 2,600 euros in some cases. And the joy of lowering the mortgage payment can continue because according to experts, the euribor will continue to go down.
The Euribor today
He euribor today records a drop to 2.547%. The average for the month of October is 2.691% (annual minimum).
This will save you on the mortgage in October
If in September some mortgage holders already saved 2,400 euros per month, on this occasion the reduction in the mortgage amounts to 2,600 euros if we do the calculations with the monthly average of the Euribor as of October 18 (2.753%). According to the calculations of the mortgage comparator iAhorro, for a 30-year variable mortgage with Euribor plus a differential of 0.99%, the monthly payment if what is mortgaged is 300,000 euros will decrease in the annual review of this 2024 per month at 223 euros, which per year becomes 2,684 euros less. If the amount of money left in the mortgage is 150,000 euros, and with the rest of the conditions the same, the figures drop to 111 euros less each time and 1,342 euros less per year.
You will pay less if you renew the mortgage in December
With the experts predicting that the Euribor will continue to fall and can reach December at 2.5% The savings for those who renew that last month of the year will remain at 2,300 euros in the first case and 1,199 euros in the second case of the mortgage of 150,000 euros. The figure is less although the differential to which most mortgages in Spain refer is lower because this month of October is the month that mortgage holders suffered the most from a year ago, when they faced a renewal with the Euribor at its highest. Now the relief will also be greater.
Experts predict that the Euribor will continue to fall
We have to wait to see how it arrives. Euribor at the end of the year. On his path there are many mortgaged that will see their quotas reduced in the annual renewals. This 2024 has begun the path of decline and although it is still far from solving the economies of families who recently had to face monthly increases of up to 600 euros, little by little it relaxes the savings.
Along these lines, Sergio Carbajal, responsible for mortgages at Trackerpoints out that the Euribor has been falling for 13 months, but previously it had been rising for 22 months and “always after a notable rise comes a movement of correction and adjustment, which is where the Euribor is now.”
For his part, Enrique Díaz-Álvarez, director of Risks of Eburyexplains that the Euribor continues to fall stronglyas markets expect increasing cuts from the European Central Bank (ECB). “Inflation data in the euro zone for the month of September has fallen below 2% for the first time since the beginning of 2021. Although the underlying index – more significant – stands at 2.7%, the disinflationary trend “is undeniable and will provide cover for further monetary relaxation.”
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