The shift undertaken by the European Central Bank reducing interest rates and lowering the price of money is having a clear impact on the markets. Euribor index that are referenced most mortgages in Spain, will close this month at a record low of 0.36% and cheaper mortgages to review them touch around 10 euros a month. The indicator was last Friday at 0.341% on a daily rate. The 26 values that, so far, September has placed the rate at 0.365% per month, representing a decrease of 0.178 points over Euribor a year ago.
XTB analyst Miguel Antonio Marcos points out the index has continued in September with his “unstoppable” descent, aided by the liquidity auction conducted by the European Central Bank (ECB) last September 18. “The arrival of the ECB money market pushing down the price of Euribor” he said.
Marcos recalled that formalized mortgages have risen for the second month in Spain and noted that during the last July were formalized over 18,000 mortgage loans, “which not only increased in number, but also did so in regard to the size of the loans.”
Less variations. In this sense, the expert said the “clear intention” of the ECB to continue its expansionary monetary policy measures invites think Euribor stabilization in the vicinity of 0.35%, an area that has been during the last days of this month.
therefore predicted “good news” for having mortgaged to review your mortgage during the month of October, as it is estimated that the index may end up in the vicinity of 0.365%. Thus, an average mortgaged (mortgage of 120,000 euros to 20 years) to review your mortgage during the month of October will be reduced its share of about 10 euros per month. “The new downward momentum Euribor, along with an increase of the signing of mortgage loans for optimism in one of the hardest hit sectors in recent years. Pending that actually improves access to credit, seems to have begun to clear the horizon of the Spanish real estate and mortgage market, ‘said.
The slight improvement in credit conditions and aim to capture creditworthy customers has led various entities to lower their mortgage loans, offering an interest of Euribor plus a spread below 2% conditioned in some cases, to strengthen the relationship with the entity.
Good month for sector. And the number of mortgages on homes registered in the records of the property stood at 18,107 last July, higher by 28.8% than the same month last year, revealed a few days ago as the National Statistics Institute (INE), who recalled that these figures come from deeds performed in previous months.
In July year growth, the mortgaged homes strung two months of double-digit promotions after rising nearly 19% experienced in June. The average value of the mortgages on homes reached in the seventh month of the year, 100,866 euros, 0.3% less than the same month of 2013, while borrowed capital increased by 28.5% year on year, to 1826.3 million.
monthly rate (July to June), home mortgages 5.7%, its biggest gain this month of the last five years increased. Borrowed capital for mortgaged homes experienced a monthly increase of 8.1%, also registering its biggest monthly rally since 2010
However, in the first seven months of this year, the number of foreclosed homes has fallen 9.4% over the same period last year, down 8.2% on borrowed capital and a 1.3% increase in the average amount of the mortgage.
By region, which in July reported a greater number of mortgages on homes were Andalusia (3,324), Madrid (3247) and Catalonia (2878).
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