The Bank of Spain confirmed the rise in the Euribor to its highest peak since 2002
The Euribor, the kind that are referenced most mortgages in Spain rose in May to 3308%, which is at the highest level since August 2002 and represents the eighth consecutive monthly rise and a new cost of mortgages, according to Confirm the Bank of Spain yesterday.
Specifically, the Euribor rose 0087 points over the 3221% recorded in April and 1115 points in relation to 2193% where it was placed in May 2005, which will translate into a rise in shares of mortgage loans to be reviewed annually with the new rate in the coming days.
Specifically, half a mortgage of 120,000 euros granted for a period of 20 years with a spread of 0.60 points over Euribor, the monthly premium would rise from about 653 to 721 euros, an increase of about 68 euros to months and 816 euros for the whole year.
This new rise in the Euribor up to 3308% in the month of May means placed at the highest level since August 2002, when this indicator stood at 3 440%.
The expectations of changes in the Euribor in the coming months is still upwards, although several analysts underline that have been somewhat allayed fears of an acceleration of price increases following the recent upward adjustment of interest rates by the ECB.
Market forecasts indicate that the Euribor falls in the summer months at the 3, 5% and even some firms that can provide analysis to close the year at around 4%.
(Unrated) 
Loading ... Written by Carlos Lopez on June 19, 2006 with 3 points.
