I breathe for those who have taken out a mortgage and for those other people who plan to do so in the future. And all because, after a year and a half of rate increases, the Euribor has changed its trend.
Thus, the index that is used every month as a reference for the calculation of the majority of mortgages in Spain fell in December to 3.679%. Therefore, and for the first time in the last six months, it has been below 4%. In addition, it is the largest monthly decrease in the last 14 years.
Beyond the savings it may mean for those who have taken out a mortgage, it is undoubtedly good news for those who are thinking about doing so. Among other reasons, because the banks have already begun to reduce the price of their mortgages.
Which banks have lowered their mortgages?
The list of financial entities that have improved their mortgage offers in the month of January continues to grow: Sabadell, ING, Unicaja, Bankinter… “The fixed rate sector has benefited the most,” says Miquel Riera, mortgage analyst at HelpMyCash .
But the price of both mixed and variable mortgage loans has also been reduced. Below we show you which banks have improved their offer and the mortgages where they have focused.
Which mortgages have improved their conditions?
The entity that gave the ‘starting shot’ to the sales was Bankinter. Thus, he reduced the interest on his fixed mortgage from 3.60% to 3.30%. So did one of its brands online, COINC (from 3.50% to 3.20%).
Unicaja It also added and improved its fixed interest mortgage loan (from 3.90% to 3.65%). A path they followed Sabadell Bankwhich reduced the interest on its fixed mortgage from 3.40% to 2.80%; imaginethe mobile bank that belongs to CaixaBank (from 3.70% to 3.30%); and MyInvestor, which lowered its fixed rate offer, whose interest went from 3.69% to 3.49%.
[El Euríbor se estabilizará en torno al 3% en 2024 al calor de los recortes de tipos y rebajará las hipotecas de las familias]
In the case of variable mortgages, Kutxabank reduced the initial fixed rate applied in the first year from 2.82% to 2.58%, and Sabadell did so from 2.89% to 2.65%. While MyInvestor reduced the differential of its variable mortgage and increased the initial fixed rate applied in the first year: the interest goes from Euribor plus 0.89% (1.80% fixed in the first year) to Euribor plus 0.79% (2.49% fixed during the first year).
Finally, and in the case of mixed entities, two entities reduced the initial fixed interest that they apply during the first ten years of the term: Bankinter, from 3.30% to 3.20%; and ING, from 3.65% to 3.40%.
Real estate agencies in Madrid. Eduardo Parra Europa Press
While Sabadell reduced both the initial fixed and the subsequent variable. Before the change, the rate was 2.99% in the first three years and Euribor plus 0.65% in the following years. And, after that, the interest is 2.75% in the first three years and Euribor plus 0.60% for the rest.
“There are two factors that explain this new trend. The first is the stagnation of interest rates European Central Bank (ECB) and the forecasts that indicate that they will decrease at some point this year. And, the second, is that Spanish banks granted many fewer mortgages in 2023, something they intend to change in 2024 with a more aggressive commercial policy,” concludes Miquel Riera.
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2024-01-18 15:38:29
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