The 12-month Euribor, the rate to which most variable mortgages in Spain are referenced, closed the month of November with an average of 4.022%, which represents the lowest monthly rate recorded since June, when it stood at 4.007% and in the absence of the Bank of Spain confirming the data. Specifically, the Euribor has fallen by 13.8 basis points compared to the month of October. Compared to a year before, the reference rate has risen by 1.19 percentage points.
Despite being down month-on-month, the Euribor level for November implies that the mortgages that are reviewed will do so upwards since the value is still higher than that of 12 months and 6 months, the most common review periods in Spain.
Let’s look at three examples of how much the fees will increase for those who have to review the November Euribor.
For a variable mortgage of 150,000 euros with a term of 25 years and with a differential of 0.99% plus Euribor and semiannual review, you will experience an increase in your mortgage payment of €14 per month, in the event that the review is annual The increase will be €101 per month.
For a variable mortgage of 200,000 euros with a term of 25 years and with a spread of 0.99% plus Euribor and semiannual review, you will experience an increase in your mortgage payment of €18.6 per month, in the event that the review Whether annual, the increase will be €135 per month.
For a variable mortgage of 250,000 euros with a term of 25 years and with a differential of 0.99% plus Euribor and semiannual review, you will experience an increase in your mortgage payment of €23.25 per month, in the event that the review Whether annual, the increase will be €168.7 per month.
December could be the month in which the discounts return to mortgages, at least for those who review semiannually since the Euribor in June of this year was 4.007% and the forecasts are that it will close this month below that value.
2023-12-02 00:20:23
#mortgages #rise #November #Euribor
