The latest Spanish mortgage and Euribor news

Euribor (12 months), the interest rate typically used to calculate mortgage repayments in Spain, fell to 0.549pc in December, the lowest level on record, and almost 73pc less than the a year ago, as illustrated by the chart above.

That means savings of around €1,000 a year for the typical borrower with an annually resetting loan of €120,000 for 20 years.

Meanwhile, new mortgage lending continued its inexorable decline, falling below 20,000 new loans for the first time in many years, as illustrated by the next chart (first comes the volume of new mortgage lending, then the annualised change).

Fewer, smaller mortgages means there will be no letup in the downward pressure on Spanish house prices.