180 degree turn of the Euribor. The mortgaged They were accustomed this December to continuous falls, but this week the indicator to which many mortgages in Spain rises for the second consecutive day. This Tuesday, December 17, it rises to month maximum up to 2.472%, raising the average to 2.415%. Experts were already pointing out that the Euribor showed the European Central Bank on its way to lowering interest rates, as it did last Thursday in its last meeting. Despite these ups and downs, discounts on mortgages continue to be around 100 euros per month in some cases.
Thus, mortgage holders who have a mortgage credit of 150,000 euros with a Euribor plus a differential of 0.99%, today they face reductions in their quotas of just over 100 euros. Double if the credit rises to 300,000 euros. The average for the month compares with 3.679% a year ago, which represents a saving of 126 basis points.
This is very good news for those who pay a variable mortgagewho a year ago saw their fees increase by more than 600 euros per month in some cases. They are still far from recovering those installments with the Euribor in negative, but each month is a relief for the savings of these families.
The ECB decision of last week is also good news for mortgage holders: as official interest rates are reduced, the Euribor will also fall and those who have a variable mortgage will pay less interest on it when they have to do the next review. Likewise, whoever is thinking about applying for a mortgage (especially fixed or mixed), will be able to opt for much cheaper products, that is, they will pay less interest on the loan to the bank.
And what will happen to the mortgage offer? From iAhorro, spokesperson Laura Martínez predicts that “we must take into account that banks will not have time to apply this rate reduction in their offers in December and, even if they did, any change made now would no longer have an effect in 2024, but rather in 2025”.
Therefore, “we anticipate a flat market until Christmas and, starting in January, new price reductions in mortgages. For example, starting in January we could already see fixed mortgages around 2% TIN and mixed mortgages close to 1% TIN; very, very good offers that will help to compensate a little for the price of housing, which we do hope will continue to rise,” he explains.
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