Madrid (EFE) a new increase in the cost of the installments of these credits of up to about 600 euros per month.
According to Bloomberg data compiled by EFE, and in the absence of knowing the last daily figure for the month, the Euribor reached an average rate of 3.524% in February, higher than 3.337% in January, and 3.018% in December.
A year ago, in February 2022, the Euribor was trading negative, and closed the month at -0.335%.
This important increase registered in the last twelve months will mean that the mortgaged people who signed their credit a year ago and who have to review it with the current data, will once again suffer a sharp increase in the cost of their installments.
For example, for an average loan of 143,854 euros (average mortgage according to data from the National Institute of Statistics, INE, at the end of 2022), at 25 years and with a rate of Euribor plus 1%, the monthly payment will rise by about 280 euros. per month or 3,372 euros per year.
600 euros more per month for a mortgage of 300,000 euros
In the case of a mortgage of a higher amount, of 300,000 euros, with the same conditions, the fee will increase by almost 600 euros per month or by more than 7,000 euros per year.
In statements to EFE, the manager of Magnum Sicav in Quadriga, José Lizán, stated that the upward trend of the Euribor continues, and although the indicator has registered a “vertical and virulent” movement in recent months, it is not expected to moderate to short term due to the tightening of the monetary policy of the European Central Bank (ECB) that will be maintained.
“We think there are still months of aggressive speeches” by the central banks and the “escalation” of the Euribor, he added.
Likewise, the financial comparator HelpMyCash.com believes that the Euribor will continue to rise. The specialist in the mortgage market of this comparator, Miquel Riera, assures that “this index will close the month of March close to 4% or even above it”, since the ECB policy will continue to promote it”.
Remember that the body is raising its interest rates to combat inflation in the euro area, and that between July 2022 and February 2023, the ECB interest rate has gone from 0% to 3%.
The ECB is expected to raise interest rates again to 3.5% in March.
According to Riera, “the Euribor, which represents the average interest on interbank loans, is usually between 0.5 and one percentage point above the ECB interest rate, which is what this body applies to entities that borrow money from it” .
Therefore, if the ECB rate rises to 3.5% in March, it is more than likely that the Euribor will be close to 4% or above at the end of that month, he concludes.
The director of Mortgages of the mortgage comparator iAhorro, Simone Colombelli, also believes that if the ECB raises interest rates again in March by another 0.50%, up to 3.5%, “it is very likely that we will see levels of Euribor around 4% before summer”.
However, the expert adds that the logical thing is that, in the medium term, the indicator stagnates and reaches a stabilization point, which at the moment “has not been reached”, he has assured. oto)
