The Euribor climbed in July to 4.15%, its maximum since the end of 2008 and one tenth more than in June, according to calculations by the comparator iAhorro with one day to go before the end of the month.
Whoever has to review their variable mortgage, the fee will rise between 200 and 600 euros per month depending on the amount of the loan. "The Euribor is rising this year at the same rate as the interest rates of the European Central Bank (ECB)," says Simone Colombelli, the portal's director of Mortgages. The central entity has just raised interest rates to 4.25%, so the rate could still have a way to rise.
Based on several scenarios in which you have a recently granted mortgage, if you have to review a mortgage of 100,000 euros at 30 years with a variable rate of Euribor 0.99%, you go from paying a fee of 368.72 euros a year ago. year at 545.60 euros today, according to calculations with the calculator of the Spanish Mortgage Association (AHE). They are about 177 euros per month more, about 2,124 euros per year of increase.
In the case of a loan of 150,000 euros, you go from paying a fee of 553.08 to 818.39 euros. They are 265.31 euros more per month, the equivalent of 3,184 euros per year.
Finally, under the same conditions, a 30-year loan of 300,000 euros will go from paying 1,106.16 euros to 1,683.28 euros. Its fee grows by 577.12 euros per month, an extra 6,925 euros in the whole year.
In recent months, the rise of the Euribor month by month has been slowing down. Thus, the jumps of even one point that were seen in 2022 are left behind. Since the beginning of the year the advance has been eight tenths.
The future of the rate will depend on what the ECB decides at its next meeting in September. If you keep rates unchanged "the Euribor curve will flatten immediately. And if the curve flattens around 4% it won't be bad news," says Colombelli. Of course, if there are more increases, it is not ruled out that it reaches 5%. The highest Euribor rate dates from July 2008, when it reached 5.39%.
One of the effects that the rise in Euribor is having is that there is more opposition to signing variable mortgages. "People do not want to sign mortgages at a variable interest rate, they are not of interest to anyone at this time because people are afraid that when the review is due, the Euribor will have increased and they will have to pay more than the installment," they say from iAhorro.
