Mortgage grief as Euribor at highest since 2001

30th January 2007, Comments 0 comments

30 January 2007, MADRID — The Euribor, the rate which determines mortgages, rose on Tuesday to above 4 percent – the highest level for nearly six years.

30 January 2007

MADRID — The Euribor, the rate which determines mortgages, rose on Tuesday to above 4 percent – the highest level for nearly six years.

The rate now stands at 4.096 percent – the highest level since August 2001.

In comparison with this time last year, the Euribor stood at 2.833pc.

In real terms, this means the average mortgage of EUR 144,216 will rise from EUR 709 each month in January 2006 to EUR 806 now.

Overall, this means a yearly rise of EUR 1,200 on average.

Analysts said they believed the Euribor would carry on rising this year, though at a more moderate rate.

The next rises by the European Central Bank will be less frequent.

[Copyright EFE with Expatica]

Subject: Spanish news

 

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