Grupo Vapf

Posts Tagged ‘mortgage index’

Trends of the euribor interest rate

The Euribor -the benchmark index for most mortgages in Spain- ended the month of August 2011 stood at a 2, 097% (data provided by the Bank of Spain), below 2.183% (the figure of the end of July 2011), but well above the 1,421% of August 2010.

Experts forecast that the index will be about 2.5% by the end of 2011 -a bit below initial forecasts- as the markets dismiss further rise in interest rates by the European Central Bank (ECB).

The first numbers of September confirm this trend, since the daily quota of close to 2 September 2011 was 2.083%.

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Upward trend of the euribor interest rate

The details provided by the Spanish National Statistics Institute INE (Instituto Nacional de Estadística), set the Euribor, the main spanish mortgage index, at 1.373% July 2010, with a monthly rate which for the fourth consecutive month has undergone an upward shift. The Euribor closed July 2009 at 1.412% so this figure still allows mortgage holders who will have their mortgage reviewed this month a reduction of their monthly repayments, that represents a saving of 36 Euros per year, if we take as an example an average mortgage of 120.000 Euros at 20 years, representing 2 or 3 euros per month.

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