The index they are linked to is Euribor 3.7 million Five million mortgages in Spain November inside 4.027%which means it is registered second autumn On a monthly basis recorded in August, it reached the highest level since July 2020. Collected 4,662 points Percentages from -0.502% in December 2021 to 4.149% last October, with unprecedented increases over 22 months. dues Loans that need to be reviewed with the November index (normally Fireplace) will register softer rise From the experiences of those who use Euribor May last yearA moderation that everything points to will be expanded in the coming months.
Of course, wages will increase less, but they will continue to riseAt least in the short term. under a mortgage 150,000 euros at 24 years old with a kind Euribor plus 1% Monthly fee with November data for reference, 796 to 897 eurosThat is, 101 euros more per month and 1,212 euros more per year. for a loan 300,000 euros There will be an increase in the same features 1,593 to 1,795 euros: 202 euros more per month and 2,424 euros more per year.
Moreover, for those with mortgages the blow will be less severe, but it will come on top of the hard blow they already suffered twelve months ago. To understand what they are going through last two yearsThe installments of the two loans used as reference were examined with their data. 553 and 1,107 euros in November 2021 respectively, they will have increased per month, that is, in two years 344 and 688 euros monthly. So, they are a 62% more expensive.
Moderation
Although there are variable rate mortgages that are reviewed every six months, most do so once a year. If Euribor rises, rates rise higher than a year ago per month, which serves as a reference for reviewing the loan. Reason for wage increases temperate and it is precisely the new Euribor levels that will do this more clearly in the coming months. to compare with those Second part of 2022significantly higher than in the first half of this exercise. Thus, Euribor started that year at -0.477% in January and rose as high as 3.018% in December.
Inside November last yearthe index was at this point 2.828%With this difference will now be annual 1,199 percentage points. To put it in perspective, year to year differences were less A point It occurred as a percentage between January and May 2022 and three points until September last year. They reached 3.1 points in October 2022. March current year total maximum 3,884 pointsand since then they began to moderate the quota increases until they fell to the level in November. Lowest level since May 2022.
Declines against the ECB
Mother study services Those who publish Euribor forecasts estimate that the index has surpassed its maximum level and will continue to fall In the coming months. Banker It is expected to average 4.1% this year, 3.9% next year and 3.4% in 2025. CaixaBankFor its part, it predicts it will be 4.08% this December and 3.06% by the end of 2024. funcas It predicts it will fall from an average of 4.12% in the fourth quarter of 2023 to 3.64% between October and December next year. If so, increases dues Mortgage prices will continue to slow in the coming years, and there will come a time when They will start to fall maybe around second quarter Next year.
This all depends on what it is, of course. European Central Bank (ECB) It is with reference rates that Euribor tries to predict its movements. The monetary authority stopped increasing interest rates and stated that they would not be increased again. unexpected accident Increase inflation again. Now the question is how long to wait until the price of the currency starts to fall: whether Euribor will fall more or less depends on whether this will happen sooner or later. What the market expects first downs approved second half of next yearbut the monetary authority refused to give no clue about.