The Euribor closed in June at 4.007% and makes the average mortgage more expensive by 3,000 euros a year

2023-07-03 20:17:43

The 12-month Euribor closed June with a monthly rate of 4.007%, which means exceeding this barrier for the first time since 2008, as confirmed this Monday by the Bank of Spain. In this way, the reference index for calculating mortgage interest has reached the reference rates for the euro area, located at 4% after the rise of 25 basis points that the European Central Bank (ECB) applied in the middle of this month. This translates into increases for people who have contracted a variable mortgage.

And how much more expensive will the Variable mortgage monthly payments to be reviewed soon? According to HelpMyCash analysts, the interest in these products is updated every six or 12 months and the latest value of the Euribor is much higher than that of a semester ago (3.018% in December 2022) and, above all, than that of a year ago (0.852% in June 2022).