More grief for mortgage holders as Euribor rises

31st May 2006, Comments 0 comments

31 May 2006, MADRID — The Euribor, the main indicator for working out mortgage rates, rose for the eighth month in a row to 3.3 percent in May.

31 May 2006

MADRID — The Euribor, the main indicator for working out mortgage rates, rose for the eighth month in a row to 3.3 percent in May.

The mortgage loan rate hit its highest rate since August 2002.

This means the average mortgage, of EUR 135,000 taken out over 25 years, will go up EUR 936 per year, according to the latest figures from the Bank of Spain.

Each month borrowers are going to have to pay EUR 78 more.

The rise in May compared with April was 0.087 points.

This means in the since May 2005, the Euribor has gone up 1.115 points.

Analysts said they had not seen such a pronounced year-on-year rise since November 2000.

Copyright EFE with Expatica]

Subject: Spanish news

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