The Euribor rises again in October. With hours to close the month, the mortgage indicator stands at 4.160%, above the 4.149% in September and about to reach 4.2%, according to data from the iAhorro platform. In this way, the August slump is behind us, when it fell slightly after more than a year of uninterrupted increases.
Based on the portal's calculations, a recently established 30-year mortgage of 150,000 euros with a variable rate and a differential of Euribor 0.99% will see its installment increase by 127.56 euros per month, until facing a payment of 802.69 euros. Throughout the year you would pay 1,530 euros.
The average mortgage in Spain is 138,171 euros, according to the latest data from the National Institute of Statistics (INE). In these assumptions, with a variable mortgage of Euribor 0.99% for 30 years, your fee will jump from 630.44 last year to the current 755.39 euros, according to the calculator of the Spanish Mortgage Association. It is about 125 euros more per month or 1,500 euros extra per year.
It must be taken into account that the impact is not the same in all mortgages, since in general terms it is reduced the further advanced the loan is.
After a continuous increase throughout 2022 and the first part of 2023, the Euribor has stabilized below 4.2%. "This is good news because, if we look back just a few months, we see that those two tenths were easy to overcome from one month to the next and that now they do not do so shows that it is stabilizing and that the peak, if the Central Bank European (ECB) allows it, it could be close,” says Simone Colombelli, Mortgage Director of the mortgage comparator iAhorro.
The evolution of the Euribor is closely linked to the decisions made by the ECB, which in its last meeting paused the rate increase after ten consecutive increases. The fall in inflation in the eurozone and the prospect of doubts in the economy could lengthen the pause.
