Less than a year ago we were wondering around here if we would see fixed mortgages with 0% interest, as was happening in Denmark. At that time the ECB assured us actively and passively that they were not going to raise interest rates and that inflation was temporary, a speech that in no way corresponded to that of the rest of the world’s central banks.
A year later the situation has changed dramatically and we have gone from a Euribor around -0.5% to one about to touch 3.5%.
Perhaps the most extreme case in percentage terms is that of CaixaBank’s online bank, Imaginebank, which continues to be one of the best in the market but which in a short time has gone from interest rates of 1% to 2.7%, this represents an increase in 270%
Another example is that of BBVA, the last one that has been updated by raising its price, specifically adding 0.4% to interest, which is its biggest increase to date. This increase affects all mortgages, those that are paid in 15, 20, 25 and 30 years. In this last mortgage, the 30-year one, where the interest is usually lower because the debtor is paying the loan for more years, the APR (which collects the money paid to the bank for lending us the money) already moves between 4 % and 4.5% depending on whether the mortgage is subsidized or not subsidized. This means that interest has more than doubled since the European Central Bank first raised interest rates in July. Since then, the entity has made this mortgage more expensive by 120%.