MORTGAGE NEWS: Interest rates fall in August, lending up in June

Mortgage base rates in the Eurozone dropped to another record low in August 2017, whilst the latest data shows new mortgage lending increased in June.

12-month Euribor – the rate used to calculate the majority of mortgage interest payments in Spain – came in at -0.156 in August, compared to -0.154 in July, a percentage difference of 1.3% (and 225% compared to August 2016)

As a result, borrowers in Spain with annually resetting Spanish mortgages will see their mortgage payments fall by around €5.50 per month for a typical €120,000 loan with a 20 year term.

New residential mortgage lending was up 12.9% in June to 25,016, according to the notaries, with an average loan value of €129,704 (up 6%).

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