MADRID, 28 Sep. (EUROPA PRESS) –
The Euribor, the reference rate used by most variable rate mortgages in Spain, aims to close the month of September at around 4.150%, according to calculations made by Europa Press.
With one business day left until the end of the ninth month of the year, the Euribor accumulates an average of 4.145%, which represents a slight increase compared to the 4.073% registered in August but below the maximum of 4.149% observed in July.
In this way, the reference interest rate is still hovering around its highest level since November 2008. In a year and a half, the Euribor has gone from being in negative territory to reaching its highest level in 15 years at the heat of 10 consecutive increases in interest rates that the European Central Bank (ECB) has undertaken to stop inflation.
Despite the large increase, the impact on families will be less pronounced than in previous months. In the first quarter of 2022, the Euribor was in negative territory, so those who reviewed their mortgage taking the data from January to March 2023 had to face increases in their interest rate of more than 3.8 percentage points.
This will not happen for those who review their mortgage with the September Euribor, whose increase will be less than two percentage points. This is because in September 2022 the ECB had already faced several rate increases and this had been reflected in the markets, with the Euribor reaching 2.6%.
This Euribor level implies that a person who has contracted a variable mortgage of 150,000 euros with a residual maturity period of 30 years and with a differential of 0.99% plus Euribor and must review their interest rate in the month of September, You will register an increase in your mortgage payment of about 167.06 euros per month.
This calculation implies the maximum level of increase for a person who has contracted a mortgage with that financed level, since since it is a review at the beginning of the loan (that is, there are 30 years left to amortize), the change in the type of Interest has much more impact as there is a lot of principal to amortize.
