MORTGAGES: Interest rates down in September, lending up in July

euribor spanish mortgage

Mortgage base rates in the Eurozone dropped to another record low in September 2017, whilst the latest data shows new mortgage lending rising for another month in July.

12-month Euribor – the rate used to calculate the majority of mortgage interest payments in Spain – came in at -0.168 in September, compared to -0.156 in August, a percentage difference of 7.7% (and 195% compared to the same time a year before)

As a result, borrowers in Spain with annually resetting Spanish mortgages will see their mortgage payments fall by around €5.70 per month for a typical €120,000 loan with a 20 year term.

The following chart illustrates how interest rates are currently a long way from normal.

euribor spanish mortgage

New residential mortgage lending was up 6.7% in July to 20,730, according to the notaries, with an average loan value of €127,382 (down 10.8%).

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