Euribor interest rate decreases
The closing rate of the Euribor for March 2012 means that any families having their mortgages revised this month will benefit from savings of approx. 365 EUR per year, that is, one EUR a day. These savings of approx. 30 EUR per month are the highest discount since April 2010.
This standard rate closed March on an average of 1,499%. That is the lowest rate since November 2010, and will allow families on mortgages to be revised this month to enjoy reduced monthly payments, The daily Euribor rate for today is 1.416%, below the 1.599% with which the month opened.
This is the second month in a row on which rates go lower. On a 150,000 EUR mortgage on 25 years, this would mean an approx. discount of about 30.4 EUR per month, that is, about 365 EUR per year.
This annual decrease of 424 points of the rate is the highest registered since April 2010, when it reached 1.771%, 546 less points than April 2009 (1.225%). Hence, mortgages are reduced too.
The most used rate to calculate mortgages in Spain is chaining 73 days on a downward tendency, which is the second largest period of a downward tendency of its history, after the period between October 2008 and February 2009, where it added up to 91.