The Euribor rate –main Spanish mortgages reference index- closes October 1,495%. This is a slight increase compared to the rate in September 2010, which was 1.420%. This information has been issued by Banco de Espana, the National Spanish Bank.
While mortgages recalculated with Euribor rates from January to July 2010 saw their monthly instalments reduced, mortgages revised with Euribor rates from August to October will see their monthly payments increased.
In words of the Spanish National Statistics Institute INE – Instituto Nacional de Estadística-, holders of a €121,000 mortgage to pay in 26 years with a rate of Euribor+0.8% will pay monthly approx. €15 more than if the same mortgage was signed one year ago. This is an annual increase of approx. €180 compared to last year.
There’s only two months left to close the calendar year. If the Euribor trend follows the same pattern, as financial analysts have predicted, it will close 2010 above 1.55%.