Mortgage base rates in the Eurozone dropped to another record low in November 2017, whilst the latest data shows new mortgage lending rising for another month in September.
12-month Euribor – the rate used to calculate the majority of mortgage interest payments in Spain – came in at -0.189 in November, compared to -0.18 in October, a percentage difference of 5% (and 155% compared to the same month last year)
As a result, borrowers in Spain with annually resetting Spanish mortgages will see their mortgage payments fall by around €6 per month for a typical €120,000 loan with a 20 year term.
New residential mortgage lending rose 9.2% (yoy) in September to 29,388 new loans, according to the National Institute of Statistics. The average new loan value was up 9.6% to €123,649, and the average interest rate was 2.83% with an average term of 24 years.
