The reference index for most variable mortgages, the Euribor, today reached 4.21% in daily rate after five consecutive days of rise. It is the highest level since 2008 and a direct consequence of last Thursday's decision by the European Central Bank (ECB) to raise interest rates to 4.25%.
With today's increase, the monthly average stands at 4.109%, again at levels similar to those of July, after moderating to 4% in August. It is also the highest rate in thirteen years, although it is still below the maximum since the launch of the euro, of 5.4%, reached in July 2008.
So far this year, the previous daily highs had been reached in July, with one day, July 7, in which it rebounded to 4.193%. From that moment, the perception settled in the market that the ECB would not raise interest rates in September.
The sudden rise in hydrocarbon prices this summer contributed to a rise in inflation and, with it, the central bank's decision to raise the price of money. Current levels, maintains the body chaired by Christine Lagarde, should be sufficient to progressively control price increases.
Analysts such as Antonio Gallardo, head of studies at the Asufin banking users association, predict that in the coming months the Euribor will behave in a "sawtooth" manner, with rises and falls between 3.75% and 4. 25%. At some point, it should begin "a downward trend," according to his forecast.
The Spanish Mortgage Association (AHE) points to a new trend in the market, that of mixed mortgages, with a fixed rate for about ten years and another variable rate for the rest of the life of the loan, when the principal has already been reduced. . This modality has doubled and is now equivalent to 30% of the market.
