The Euribor to twelve months, the indicator that is most used in Spain to calculate the quotas of the mortgageshas registered this April an average rate in positive in the month, something that happens for the first time since January 2016.
Thus, the average rate provisional Euribor stands at 0.005%, according to Boomberg data and in the absence of confirmation from the Bank of Spain. This is a much higher figure than the -0.237% registered in March; at -0.335% in February; and -0.477% in January.
dohow it will affect this rise in the Euribor to the price of mortgages? We explain it below.
The positive rate recorded by the Euribor in April will cause a increase in fees of mortgages, since a year ago -April 2021-, the indicator closed with an average rate of -0.484%.
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This means that, for a mortgage half of €150,000 at 30 years, with Euribor plus a differential of 0.99%, the loan will become more expensive by about 32 euros per month or about 384 euros per year.
Taking another example, if the mortgage loan were €300,000 at 30 years, also with a differential of Euribor plus 0.99%, the installment to be paid each month will be 962.05 euros compared to the 898.36 that was paid in April 2021. That is, it will become more expensive €63.6 more each month, or almost 764 euros per yearaccording to iSavings calculations.