this Euribor passed 2% barrier at your daily rate For the first time since December 2011One day after the agreement of the Board of Directors, European Central Bank (ECB) interest rates.
ECB announced 75 basis point rate hikeThus, the interest rate for refinancing transactions will reach 1.25%, the deposit rate will reach 0.75% and the loan utilization rate will reach 1.50%.
In this way, the price of money reached its highest level since 2011, when the ECB embarked on a more than a decade-long path of monetary-level stimulus, placing interest rates in negative territory.
After this monetary policy move, Euribor the daily rate increased to 2.015% compared to 1.903% the previous day.
The 12-month Euribor closed August with 1.25% monthly average, the highest level since May 2012. The indicator started September at 1.851 and has not been quoted on any day below this level so far this month.
The escalation of Euribor is causing an increase in cost. mortgage floating exchange rate which touch review. Had September closed at 1.9%, a 100,000 euro mortgage would have been more expensive at 84 euros per month or 1,000 euros per year.
Asufin forecasts Euribor to remain at 2.2% at the end of the year and believes it could reach 3% by 2023. From HelpMyCash, they think it will be around 2.5% by the end of the year and they are not excluding that. It could go up to 3 percent depending on the performance of the European economy and whether the ECB will raise rates once again in 2022 or twice at its October and December meetings.