The Euribor, an index to which most Spanish mortgages are referenced, has sunk to -0.074% in the daily rate and has drilled a new historical low after the ECB meeting on interest rates held this Thursday, which has decided Keep the price of money at 0% and you have guaranteed that the end of your bond purchases will be gradual.
The index, which in September chained eight consecutive months in negative, is aimed at closing the monthly rate in October also at minimums. In the absence of six values to close the month, the Euribor has been set at -0.068%.
Since last February, the index has sunk in negative rates, which in the beginning led to the public debate the possibility that banks ended up paying to grant mortgages.
However, the drop in the index does not yet compensate for average spreads of around 1%, which is why the experts consulted by Europa Press rule out that the capital to be repaid will be reduced by the historically low levels of Euribor.
With these values, the mortgages of 120,000 euros to 20 years with a differential of Euribor + 1% to those who review them will have a reduction of about 128 euros in their annual fee or, which is the same, about 10 euros and a half a month.
“Despite the ECB’s efforts to make credit flow to the real economy, if banks do not find it profitable to lend money, the macroeconomic scenario can get complicated,” XTB analyst Carlos Fernández told Europa Press.
The context of low interest rates and their impact on the Euribor are putting pressure on banks’ margins, which face serious difficulties in doing business in the face of the process of debt reduction of families and companies.