The Euribor rate falls to its lowest level in a month today, opening the door to significant mortgage cuts.

He Euribor today falls sharply and leaves very good news for pledged They have to extend your quota with the average data you set in July. We are talking about a mortgage with annual report To variable type. Falling today, Tuesday, July 16, to 3.505%, it raises the average for the month to 3.57%. To find out, this figure must be compared with the figure from a year ago. how much does a mortgage note rise or fall: 4.149%. All indications are that many mortgage holders will see their mortgages reduced, and some will even have discount over 1000 euros.

He Euribor today Record the monthly lows. You’d have to go back to Feb. 2 to find a figure that low. But not only does it break that record, to the delight of mortgage lenders. The monthly average is still on track for its biggest annual drop in 11 years.

WITH meeting next thursday is crossed out in red on the calendar European Central Bank (ECB) Euribor continues the path that marked 2024 since the organization was chaired by Christine Lagarde will announce its intention to begin cutting interest rates.

The downturn has been a long time coming and has not been as sharp as those mortgage holders who extended at the beginning of the year would have liked – they even paid more in March – but the path, according to experts, will continue downward.

How much will mortgage rates fall in July?

For now, everything about the Euribor rate cut, albeit small compared to last year’s big hike and pending a new ECB meeting, 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.