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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