this euribor to a year, The most commonly used indicator for calculating floating rate mortgage loans in Spain is It continues to rise in the first half of August and already exceeds 1% on average, according to market data.
Since July 2012, this level has not been reached on an average monthly basis. increased cost home loan payments To review.
Specifically, the average of this indicator of the European interbank market in the first half of August is currently determined. 1.064%.
Data for this Monday, where the twelve-month Euribor remained at 1.158%, this index exceeded 1% percent on eight of the eleven working days of August passed to this day.
Twelve-month Euribor has been growing since January of this yearIt was at -0.502% since December 2021 and was in positive territory when adjusted to 0.013% in April.
Last month, Euribor’s average monthly rate was 0.992%, the highest rate in a decade.
If the rise in Euribor continues in August, there will be a new increase in mortgage payments.
If Euribor continued at this level, and if the 25-year maturity, this index and a 1% difference were taken as a reference to 150,000 Euros, the person who had to review the mortgage in August would have increased by 108.6 every year. euros per month, which will be 1,303.2 euros per year.
Had the mortgage been made with the Euribor reference last December at -0.502 percent and the rest of the previous conditions were maintained, the loan would have increased by just over 100 Euros per month compared to this month, as the mortgage liability charged last December meant just over 536 Euros per month.
This comes after the European Central Bank (ECB) raised the price of the currency by half a point on 21 July, placing it at 0.5% to try to curb hyperinflation in the eurozone, which was at its highest at 8.9% last month. figure since this parameter is calculated in this economic area.
The ECB followed in the footsteps of other central banks and adopted this measure before the Federal Reserve (US central bank) raised interest rates by three-quarters on July 27 to the 2.25% to 2.75% range.
The US monetary authority also acted in this way to limit high prices in that country as it remained at 8.5% despite a six-tenth drop last month.
Tightening monetary policy across the planet to limit the rise in inflation It was a result of the increase in energy and food prices after Russia’s war in Ukraine.
In addition, supply problems have been effective, in part due to the “covid 0” policy in China and the restrictions in place to stop the spread of the coronavirus in that country.
Source: Informacion
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