The Euribor closes January with a new rise. The reference index for calculating mortgages will go from 3.018% at the end of December to an average that will be close to 3.33%, according to iAhorro calculations with one day to go before the end of the month.
The boost will be felt in the installments of the variable mortgages that have to be reviewed, with increases of up to 70% in the average loan and the highest increase in the last year. Such a pronounced rise because if it is time to review the difference will be almost four points, since last year the Euribor at this time was at -0.477%.
Starting from a loan of 150,000 euros at 30 years with a differential of Euribor 0.99%, the fee has jumped from 449.64 euros last year (Euribor at -0.477%) to the current 744.33. Almost 300 euros more and a jump of 65.5%, based on tools from the Spanish Mortgage Association (AHE). If the increase is transferred to the whole year, it will be 3,540 euros more in twelve months.
If the scenario for a loan of 300,000 euros over 30 years with a Euribor 0.99% differential is calculated, it will go from paying 899.28 euros to 1,488.67 euros, about 589 euros more per month. In the year, no less than 7,070 extra euros.
Despite the new rise, no substantial changes have been seen in the offers of the banks, according to iAhorro. "We are gradually returning to normal banking dynamics, for there to be changes in commercial offers once a quarter and not every month or every week, as we have seen in 2022, that was truly crazy", he has assessed Simone Colombelli, director of mortgages for the comparator.
Yes, trends such as more expensive fixed-rate loans are consolidated, already at rates of 3%-4% if they are offered, and a reduction in the differential of the variables to make them more attractive, with Euribor 0.25% or 0 ,30%
Looking ahead, in any case, "the big unknown is what will happen to the Euribor, if it will slow down at the same time that the official ECB interest rates drop or if it will continue to rise until it reaches at least 4%", it is pointed from the portal. In this scenario of increases,
