The Euribor continues to shoot up and is already close to 1%, its maximum in almost a decade

MADRID, 14 Jun. (EUROPA PRESS) -

The 12-month Euribor continues its climb and this Tuesday it has marked a daily value close to 1%, a level that it has not touched since July 2012.

The index to which the majority of mortgages in Spain are referenced continues to rise strongly and this Tuesday it has been placed at 0.957% in its daily rate, its highest value since July 27, 2012.

The provisional monthly average with the data for the first half of June stands at 0.604% (in May it closed at an average of 0.287%), at the levels of April 2014, but the sharp increases experienced by the Euribor day by day anticipate to which the rise will be greater.

The escalation occurs a few months after the Euribor moved to record lows below -0.5%, in the heat of the expectation that the European Central Bank (ECB) will raise interest rates in July and September, placing the rates positive as of the third quarter of the year.

As announced by the agency last week, net purchases under its public asset purchase program (APP) will end in July, a month in which it will raise rates by 25 basis points.

The vertiginous rise of the Euribor will have its impact on the Spaniards who have their mortgage at a variable rate referenced to the Euribor, who will see their fees rise when it is their turn to review.

However, the first vice president of the Government and minister of Economic Affairs and Digital Transformation, Nadia Calviño, defended last week in Congress that the impact that the rise in the Euribor will have on the mortgages of Spanish citizens will be "relatively limited", given that the mortgage structure has acquired a growing weight of the fixed rate and that the mortgage effort indicators are also at "historically low" levels.