He Euribor today Come down and leave one more joy for pledged. Since next Thursday’s meeting is crossed out in red on the calendar European Central Bank (ECB), at the moment those who have to extend their mortgage In some cases, they will be able to reduce their installment payments by more than €1,000 per year. This is very good news for mortgage holders who have been using their savings to resist the constant rise of the Euribor rate for over a year now. The trend is currently downward and after the first half of July, the rate that most mortgages are based on variable type Spain expects biggest annual fall in 11 years.
So, this is it Monday, July 15, 2024 He Euribor falls to 3.522%, leaving the monthly average at 3.5824%. The data points to a significant decline in mortgage payments as it compares to July last year, when the rate peaked at 4.149%. It thus continues its path of recording the lowest year-on-year difference since June 2013: -0.5605.
Since this meeting is still to come this month, European Central Bank (ECB) taught the way easing of interest rates a few months ago, and this was noticeable in the Euribor rate, which gradually stopped rising and began to fall.
In his last assignment a quarter point reduction It was the end of a script that had been written for weeks. They are expected to remain in place in July, but experts believe there will be more cuts, especially after it became known that the ECB hawks are confirming two additional rate cuts this year.
At the moment, banks operating in the secondary market are lending to each other at an average rate of 3.6% in the case of the 12-month Euribor. There are still 15 days to find out the average for July, which, if this continues, will be about the lowest in a year.
For now everything that the decline in Euribor meansWhile this is small compared to the significant rise last year and ahead of the ECB’s next meeting, it is good news for mortgage holders.
So how much will mortgages fall in July? According to iAhorro’s calculations, someone who took out a variable mortgage of €150,000 in July 2023 with a Euribor rate of 4.149% and whose payment was €796.43 per month with the current revision (Euribor is 3.5%) will now pay a monthly fee discounted by €49 per month, or in other words, to €588 per year.
If we take the same example, but for a mortgage with an initial amount of 300,000 euros, we see that the discount will be 98 euros per month, 1176 euros per year.
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