MADRID, 1 Sep. (EUROPA PRESS) -
The Bank of Spain has confirmed that the 12-month Euribor, an index used as a reference in most variable-rate mortgage loans in Spain, registered its first fall in 20 months in August, since January 2022, although it has maintained above 4%, according to data compiled by Europa Press.
Specifically, the index closed in August at 4.073%, a figure lower than the 4.149% registered in July, which was its highest level since 2008. However, the Euribor remained high compared to August 2022, when the index reached 1,249%.
This level of Euribor implies that a person who has contracted a variable mortgage of 150,000 euros for 30 years and with a differential of 0.99% plus Euribor and had to review their interest rate in the month of August, register an increase in their quota mortgage of about 238 euros per month, compared to the rise of 265 euros registered in July.
In this way, your mortgage payment would go from about 572 euros to about 810 euros per month in August.
However, the cost of the installment depends on the particular conditions of each mortgage, in addition to the capital pending repayment and the repayment period. The average outstanding balance of the mortgages tends to have shorter terms and capital, so the cost of mortgages for families should be less than average.
The Bank of Spain has also published that the Míbor, the one-year interbank rate that served as the official benchmark for the mortgage market for operations carried out prior to January 1, 2000, also closed August at 4.073%.
Regarding the new official interest rates that are now published, the Euribor for one week stood at 3.632%, for one month at 3.627%, for three months at 3.780% and for six months at 3.944%.
Regarding the short-term interest rate on money (€STR), defined as the value of the average compound interest rate on the last business day of the month for the purposes of Target at different terms (one week, one month, three months, six months and 12 months) that is prepared and disseminated by the European Central Bank (ECB), the reference interest rate based on the €STR for one week stood at 3.652%, for one month at 3.642%, for three months at 3.437%, at six months at 3.154% and at one year at 2.263%.