Madrid (EFE).- The twelve-month Euribor, the indicator most used in Spain to calculate variable mortgages, closed June at a maximum since November 2008, with an average rate of 4.007%, a level that will continue to rise in the coming months, according to experts.
In statements to EFE, the investment director at Dunas Capital, Francisco de Borja, explains that the behavior of the Euribor is in line with the monetary policy that the European Central Bank (ECB) has been undertaking since the middle of last year.
With an ECB that raises rates, the Euribor has to rise, De Borja has assured, for whom “there are no great prospects of relief in the short term”, because rates will continue to rise.
Lagarde confirms that rates will rise again in July
Just this week, the president of the ECB, Christine Lagarde, confirmed that interest rates will rise again in July, and warned that it is too soon to see a brake on the rise in rates and reach the peak of increases.
“It is unlikely that in the near future the central bank will be able to say with full confidence that the maximum rates have been reached,” he told the ECB’s annual forum in Sintra, Portugal.
The agency increased interest rates for the last time on June 15, by 25 basis points, until it reached 4%, a level that had not been reached since 2008.
In this context, the Euribor has closed June at that 4.007%, higher than the rate in May, when it ended at 3.862%.
Likewise, it is much higher than that of a year ago, in June 2022, when the average rate was 0.852%.
More than 300 euros per month
This new increase in the indicator adds more pressure to those with mortgages, who will see how their credit installments become more expensive again by more than 300 euros per month.
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 means an increase of more than 300 euros per month and 3,700 euros per year.
Analysts from the financial comparator HelpMyCash.com explain that historically the Euribor has almost always been above the main rate of the eurozone banking supervisor, normally between 0.25 and one percentage point.
Thus, with a view to the coming months, they see more than likely that the Euribor will continue to rise, given that the ECB will raise its rates again in July, they forecast.