Skip to content

Experts see that the Euribor is more than 1.5% this year

Most analysts predicted that the 12-month Euribor, the main reference for mortgages, will end this year between 1.5% and 1.9% (in December last year it closed on average -0.502%). The range is between 1.41% estimated by Funcas, the savings bank foundation, and 1.90% calculated by Bankinter. Looking to the end of 2023, there are already estimates that reach and even exceed 2%.

Last month this indicator touched 1%, closing on average at 0.992%, after reaching 1.2% when the European Central Bank (ECB) raised interest rates by 0.50 points. In any case, it is about the levels of ten years ago. Compared to a year ago, the increase is very significant, since in July 2021, the Euribor stood at -0.491%, which is an increase of just over 300% or, what is the same, 1.5 points percentages. So far in August, the daily rate has moved between 0.94% and 0.96%, suggesting some moderation, but the trend is up.

The increase, in any case, is transferred to the pocket of those who have a variable rate mortgage, of which there are more than four million users. Someone with a mortgage of 150,000 euros with Euribor interest + 0.99 over 30 years and with a review in July asked to see how their mortgage payment increases by about 100 euros, that is to say that they would pay 448.72 euros per month to pay 549.49 euros. from this review. This represents an increase of 1,209.24 euros per year.

The banking sector, which has experienced a boom in mortgage sales in recent months, estimates that households can withstand interest rate increases of between 1% and 2%. At CaixaBank Research they forecast a 12-month Euribor of 1.48% this year and 1.78% at the end of next year. In the opinion of this study service, the dynamism of new mortgages continues, as shown in the presentation of the results for the first half of the major financial entities.

Start investing your money in cryptocurrencies and get Free Bitcoin when you buy or sell 100$ or more if you register in Coinbase