The Euribor rate will close in August with its biggest fall in 15 years, falling to €900 for mortgage holders.
Euribor, the index on which most variable-rate mortgages in Spain are based, exceeded 4% a few months ago and is now. will close at almost 3% (3.180%). This is the largest monthly decline over 15 yearsvery good news for those who have suffered only from growth over the years.
In effect, this would mean a reduction in variable loan payments to 900 euros per year. The index could fall by half a point at the end of this year, reaching 3.2%. To find a similar drop in just one month compared to this projected figure, we would have to go back a year. 2009 year.
For those with variable mortgages, September will bring a much less steep rise. We measure this at an average mortgage of around 150,000 euros. If your annual report is due in September, your monthly payment will be reduced by several 75 or 80 euro. Although there is some bad news for those who already have Mortgage reviewed this summerbecause to enjoy this downward trend, you will have to wait almost a year.
And for those who want a new mortgage, new horizons are opening up because the banks have launched an offensive. And there is a radical change in the scenario, in which the Association of Users of Financial Services (Asufin) recommends two products: either a mixed one or some new fixed one. To get a variable mortgage, it is better to wait, because Euribor is still high.
Antonio Luis Gallardo, the man in charge of the Azufin stadiums, told laSexta Noticias that “Mixed options are very competitive, but if we find good fixedaround 2.5% percentage points or even lower – this is a mortgage for the future.”
This index, between 2022 and 2023has grown by almost 3 points, while over the past year it will have shrunk by less than half. “This does not compensate for everything that has been collected since 2022,” said the director of Asufin Studies. However, the continuation of good news here depends on European Central Bank continue to lower interest rates.
