The Euribor has responded rapidly to the intentions revealed by the European Central Bank (ECB) on August 18 in September. The main mortgage benchmark index marks its highest level since June 2012, reaching 1,229%.
This new variation of the Euribor means that an average mortgage has become more expensive by 1,380 euros per year (or 115 euros per month) from last December to this month of August. Specifically, the Euribor closed December negative, at -0.501%. So, an average mortgage that was 145,465 euros and for 24 years, according to the INE, with a differential at a variable rate of 0.92%, cost the creditor 531 euros per month, or what is the same, 6,372 euros per year. Now, eight months later and with the Euribor at 1.229%, this same mortgage costs 646 euros per month or 7,752 euros per year.
It should be remembered that for customers to raise the price of the mortgage, the bank has to review the loan, which is usually done twice a year, although it depends on the entity. Therefore, the creditors will not see the rise in the Euribor reflected until it is their turn to reprice their credit.
The main mortgage reference index (marks the interest rates of the bulk of the variable mortgages that have been contracted in our country) has been unstoppable since last February when the president of the ECB, Christine Lagarde, visited the euro zone to curb inflation , despite the fact that in the end the supervisor did not .
Although in February and March the Euribor began to rise, it was still in negative territory, but finally in April it turned to positive territory, a place where it had not been positioned since 2016. In addition, the perspective of the market and of the main analysts is that the indicator will continue to rise in 2022 and in 2023, with a small respite for 2024.
According to Bankinter forecasts, the 12-month Euribor will close the year at 1.90%, will reach 2.20% at the end of 2023 and will fall to 2% in December 2024.
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