The Euribor rises to 2.91% in February and makes 36 euros a month in mortgages
The Euribor, the kind that are awarded most mortgages in Spain rose in February to 2.91% (in the absence of the last crossing of tomorrow), compared to 2.83% which closed in January, bringing reached their highest level in almost three and a half years and represents a new price hikes for mortgages. The experts insist that will continue to rise in coming months, to around 3.5% in summer, because the index is advancing the successive increases in rates that the European Central Bank will adopt in all probability in the course of 2006 .
The new increase in the Euribor will be an upward revision of the monthly fees paid by holders of mortgages. Thus, compared to January, raising the fee to a credit rate of 120,000 euros, with an amortization of 20 years, amounting to five euros per month from 655 euros to 660 euros. By contrast, taking into account periods of more usual review of the mortgage, and the half year, the increase in price is 36 euros a month (since August 2005 closed at 2.22%) and 30.5 (in February 2005 concluded at 2.31%), respectively.
But the increases do not stop here. The latest changes in the Euribor in February are set at between 2.95% and 2.96%, indicating that we will continue to see increases in the index in the month of March, compared to the levels of 2.90% to Euribor began the current month of February.
For analysts of the Santander group, it is clear that the share of mortgages continue to rise in the first half, "because we hope that this index this summer at around 3.5%." According to this entity, the important thing is not so much to raise rates but to know what the message of the European monetary institution on inflation, as it will give us clues as to what extent will the next move upwards they are approved.
For his part, in the opinion of Stephanie Ponte, Beta Capital (Fortis Group), the Euribor is still discounting the coming price hikes of money expected in the euro zone after the aggressive messages from the very top of the ECB. "Everyone expected that the first rise in rates occurs this Thursday, which would set the price of money at 2.50%, compared to 3% in the hope that most of the houses of analysis that is at the End of 2006 "says this expert. Ponte believes that the message of the president of the ECB on this occasion is more moderate than in previous statements.
The Euribor is calculated daily by the European Banking Federation with the data of the main entities in the euro area and consists of the average interest rate for cash transactions in euros to deposit within a year.
Source: http://www.invertia.com/noticias/noticia.asp?idNoticia=1476015Â
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Loading ... Written by Carlos Lopez on February 27, 2006 with 0 comments.
