A summary of the most important news on Spanish mortgages and interest rates.

• Euribor (12 months), the interest rate normally used to calculate mortgage payments in Spain, fell 5.5% in September to a record low of 1.261%.
• Euribor has now fallen for 12 consecutive months, and is 77% lower than it was a year ago.
• Monthly repayments on the average annually-resetting mortgage (150,000 Euros, 30 years, Euribor +0.85%) will drop by around 435 Euros a month, or 4,150 Euros a year, to 555 Euros/month.
• Many borrowers will not benefit thanks to clauses in their contracts that set a floor for interest rates.
• There were 58,995 new residential mortgages signed in July, 19% less than a year ago, according to figures from the INE. In the first 7 months of the year new mortgages were down 30% compared to the same period last year.
• The fall in new residential mortgages appears to be bottoming out (year-to-date in May -35%, -31% in June, and -30% in July).
• In value terms, new mortgage lending fell 34% to 6.7 billion Euros in July, or 41% in the first 7 months of the year.