Euribor continues to reduce mortgage payments by more than €1,000 today.

He Euribor rate to rise today but keep going on the path of the great mortgage discounts. This Monday, July 8, the indicator to which most variable mortgages in Spain apply remains at 3.59% and is on track for its biggest annual decline since 2013. discounts V mortgage payments. In June, they already achieved a discount of more than 700 euros per year on some signed housing loans. As Euribor moves forward this month, it will already exceed 1,000 euros.

How are things with Euribor today?

He Euribor today It’s 3.599%, bringing the average monthly rate to 3.58%, which is a far cry from the data it needs to be compared to to see how much more or less mortgage holders will have to pay if they renew their mortgage this July: 4.149%.

When will Euribor start falling?

Mutualidad de la Abogacía’s director of financial investments, Pedro del Pozo, explained to Efe that Euribor had been moving in a “relatively narrow channel” in recent months, although he acknowledged that it had registered “obvious relaxationcompared to 2023, when it reached a level above 4%.

When will the ECB cut rates again?

In this sense, he assured that his prognosis is that, probably, ECB makes two cuts rates will be higher in 2024, so he expects Euribor to fall a little further during the year.

It is estimated that the rate will remain between 3.25 and 3.5%.

Why is the Euribor rate rising?

Del Pozo believed that more negative behavior Euriborthat is, the growth of the indicator should occur, an increase should occur inflationwhich would lead to higher interest rate expectations, “or, more likely, the ECB would slow the pace of rate cuts.”

How much will mortgages fall in July?

Anything at the moment reduce the Euribor ratealthough there is little hope for a new meeting, this is good news for pledged. How much is it reduce mortgage in July? According to iAhorro calculations, a person who took out a variable mortgage in July 2023 for 150,000 euros with a Euribor rate of 4.149% and whose payment was 796.43 euros per month, taking into account the current revision (the Euribor rate is 3.5%), will pay Monthly payment with a discount of 49 euros per month or, in other words, up to 588 euros per year. If we take the same example, but for a mortgage with an initial amount of 300,000 euros, we will see that the discount will be 98 euros per month, 1176 euros per year.