What is the current spanish mortgage interest rate?

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This topic contains 5 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 11 months ago.

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  • #51459
    Profile photo of Anonymous
    Anonymous
    Participant

    as the cam bank has just told me my mortgage rate will be going up from 3.5% to 3.79%

    thankyou

  • #60422
    Profile photo of marios
    marios
    Participant

    Have a look at this link,it gives all the euribor rates,usually mortgages are worked off the monthly euribor so you need to find out what yours is tied to.

    http://www.bof.fi/eng/5_tilastot/5.1_Tilastografiikkaa/5.1.2_korot/

  • #60425
    Profile photo of Anonymous
    Anonymous
    Participant

    Marios, that’s a great online resource you’ve found there. In future I’ll be going to the Bank of Finland website for the latest info on Euribor movements.

    But things aren’t that advanced in Spain. Many, if not most banks use the official average Euribor rate for the preceding month when recalculating mortgage rates. The 12-month Euribor rate banks are using at the moment stands at 2.684%, which was the November average, so that will soon go up to reflect the latest increases (probably 2.783% – to be confirmed by the Bank of Spain). I read in the local papers yesterday that repayments on the average Spanish mortgage are up by around 5.4%.

    Recent Euribor rates used by banks in Spain as follows:

    Sept: 2.219%
    Oct: 2.413%
    Nov: 2.648%
    Dec: 2.783%

    If you have a variable rate mortgage, you have to expect the interest rate you pay to rise in line with Euribor.

    Mark

  • #60427
    Profile photo of Anonymous
    Anonymous
    Participant

    Marios thanks for the link, very helpful
    Mark just received your lattest newsletter via email & one of the links is to the increase in the interest rate

    thanks for your replies appreciate that

    what do you think of my mortgage rate of 3.79%, do you think this is a good rate?

    thankyou

  • #60429
    Profile photo of Anonymous
    Anonymous
    Participant

    Matchey, I’ve heard of a bit better, but I have to say Euribor +1% ain’t bad, so I wouldn’t worry.

    Mark

  • #60430
    Profile photo of Anonymous
    Anonymous
    Participant

    thanks Mark

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