Madrid (EFE)
According to the market data collected by EFE, provisionally (there are still three sessions to go until the end of the month), the Euribor stands at a monthly rate of 3.989%.
If confirmed at the end of June, it would be higher than that of May (3.862%), specifically, 127 basis points more.
In the daily rate, the Euribor already exceeded 4% on the 16th, and after several days of ups and downs in today’s session it has stood at 4.094%.
Last Friday, the Euribor touched its highest daily rate of the month, at 4.147%.
Lagarde confirms that there will be a new rate hike
The Euribor is close to that 4% monthly rate just on the day that the president of the European Central Bank (ECB), Christine Lagarde, has confirmed that there will be a new rise in interest rates in July.
During the second day of the forum in Sintra (Portugal), he also warned that it is too early to see a halt in the increases in ECB rates and reach the peak of increases.
Less than two weeks ago, the ECB announced a further quarter-point interest rate hike to 4%, a level not reached since the adoption of the euro.
Given the forecast that the ECB would maintain its monetary policy, the experts already expected that the Euribor would exceed that average monthly rate of 4% in the short term.
As a consequence of the rise in the Euribor, which already accumulated seventeen consecutive months of increases in May, variable mortgages will once again increase.
This is because the current Euribor is much higher than a year ago, in June 2022, when the average rate was 0.852%.
As an example, for a mortgage of an average amount of 150,000 euros, with a term of 25 years and a Euribor plus 1% interest, the fee amounts to 877 euros per month.
Compared to June 2022, this represents an increase of more than 315 euros per month and 3,700 euros per year.