The Bank of Spain has confirmed that the Euribor rate, the reference index for most Spanish mortgages, ended January at an average -0.253%, compared to -0.263% in December.
Last Friday, the last day in January, the Euribor stood at -0.284%, giving a monthly average of -0.253% and representing its fifth consecutive monthly rise.
This means that mortgages of 150,000 euros at 30 years, with a reference spread of Euribor + 0.99%, see a reduction of 110.52 euros in their annual fee compared to the same month a year earlier. In monthly terms, the drop will be 9.21 euros.
Data for the month of January also shows an increase of up to -0.253% in the Mibor, the one-year interbank rate which was the official reference for the mortgage market for operations carried out before January 1, 2000.
Despite this month’s rebound, the market assumes the benchmark indicator for most mortgages in Spain will remain in negative territory for at least two more years, given that the European Central Bank is likely to maintain its expansive policy.
In addition to forecasting that the Euribor will remain below 0% at least until 2022, experts believe the increases in the indicator and the consequent rise in mortgage payments will be gradual and moderate.
At the moment, the 12-month Euribor is recording a historical average close to 1.99%. This means it remains much closer to the minimums it reached in August 2019 (-0.355%) than the record hit in the summer of 2008, when it was nearly at 5.4%.