Doubts about what the monetary policy will be in the midst of the financial storm have left the Euribor at its lowest since January. Today it has stood at 3.38%, practically the same level as this Thursday: 3.36%.
They are records not seen since the month of January. The most widely used indicator for calculating mortgage payments slowed down and fell somewhat this week after an unstoppable run in recent months, driven by the rate hike strategy of the European Central Bank (ECB). Now the financial storm unleashed after the crisis of a US SVB and Credit Suisse in Europe have marked a turning point.
The banks are not so sure that the ECB's monetary policy will continue to be to raise rates continuously in the coming months and have bet on a certain slowdown. And that is reflected in the Euribor, which is nothing more than the exchange rate at which banks lend money to each other.
If it goes up, they are expecting rate rises. If it goes down, they are expecting a break or a drop.
The reductions in the daily Euribor rates do not mean that mortgages will not rise. They will continue to rise because they will be compared to the level of a year ago, which was much lower. For this reason, the estimates are that people who have to review this month's data will see their installments increased by approximately 300 euros for a 25-year mortgage with an amount of 150,000 euros. That rise is obviously for variable-rate mortgage loans.
