The Euribor 12 months later, it continues with its unstoppable escalation. This Tuesday has marked a daily value close to 1%a level that does not touch since July 2012 and that reinforces the upward trend in recent months, encouraged by the upcoming increases in interest rates announced by the European Central Bank (ECB) in July and September.
The index they are at referenced most mortgages in Spain it continues to rise strongly and this Tuesday it has been placed at 0.957% in its daily rate, its highest value since July 27, 2012.
The provisional monthly average with the data for the first half of June stands at 0.604% (in May it closed at an average of 0.287%), at the levels of April 2014, but the sharp rises experienced by the Euribor day by day anticipate to which the rise will be greater.
The escalation occurs a few months after the Euribor moved to record lows below -0.5%, in the heat of the expectation that the European Central Bank (ECB) will raise interest rates in July. 0.25 points and in September, placing the rates in positive from the third quarter of the year, something that had not happened for six years.
As announced by the agency last week, net purchases under its public asset purchase program (APP) will end in July, a month in which it will raise rates by 25 basis points.
The vertiginous rise of the Euribor will have its impact on the Spaniards who have their mortgage at a variable rate referenced to the Euribor, who will see their fees rise when it is their turn to review. Before this trend began, the rate of fixed-rate mortgages had already grown.
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Despite all this, the First Vice President of the Government and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, defended last week in Congress that the impact that the rise in the Euribor will have on the mortgages of Spanish citizens will be “relatively limited “, given that the mortgage structure has acquired a growing weight of the fixed rate and that the mortgage effort indicators are also at “historically low” levels.
The banks, for their part, estimate that customers can withstand increases in interest rates between 1% and 2% without triggering the delinquency.