Mortgages are cheaper 10 euros per month – Five Days

Mortgages are cheaper 10 euros per month – Five Days

Euribor index that are referenced most mortgages in Spain, closed the month at a record low of 0.36% and cheaper mortgages to touch them review. Euribor stood Friday in the daily rate at 0.341%. The 26 values ​​that, so far, September has put the rate at 0.365% per month, which represents a decrease of 0,178 from the indicator points a year ago.

The analyst XTB Miguel Antonio Marcos noted that 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 on the market of money the ECB pushing down the price of Euribor” he said.

He also recalled that mortgages formalized have risen for the second month in Spain and said that during the month of July over 18,000 mortgage loans, “which not only increased in number, but also did so in loan size.”

As for stabilization in the coming months Euribor, formalized Marcos noted the “clear intention” of the ECB to continue its expansionary monetary policy measures, invites to think Euribor stabilization in the vicinity of 0.35%, an area that has been during the last days of this month.

So, has predicted “good news” for the mortgaged having to review their 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 in the mortgage lending firm, invites optimism in one of the sectors hardest hit 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 several institutions to lower their mortgage loans, offering an interest rate of Euribor plus a spread below 2% conditioned in some cases, to strengthen the relationship with the entity.