the recession is getting worse and is affecting everyone

The annual Euribor rate, the most used indicator in Spain for calculating floating rate mortgages, is preparing to give another joy to those whose mortgage falls under this indicatorThe index is on track to end July with a fourth straight monthly decline after hitting yearly lows last week.

This means that just three days before the end of the month the indicator shows on average for the month 3.54%, which is lower than 3.65% in June.; but about all a far cry from 4.149% in July last yearwhich implies a reduction in fees for those who review this month’s figure. Moreover, this is not an isolated reduction: Euribor has already accumulated a reduction for four months in a row, which consolidates cheaper mortgages this year. It also promises more affordable fees for those who review their mortgage every six months. since six months ago the Euribor rate was 3.609%.

Euribor rate hits lowest in a year

Euribor’s daily readings broke the 3.5% level last Thursday, rising from 3.528% to 3.481%. and on Friday it fell to 3.426%, its lowest since March 2023.Last week, Euribor hit a yearly low (3.502%), but it recovered on Monday and Wednesday, although it managed to fall in the process.

Euribor started the year at 3.609% (January average), rising to 3.671% in February and 3.718% in March.

From there it began to move lower, helped by expectations of interest rate cuts by the European Central Bank (ECB), which were completed in June. with a 25 basis point decline and expected to deepen in September.