Mortgage rates go up as Euribor hits 3.2pc

28th April 2006, Comments 0 comments

28 April 2006, MADRID — Euribor, the indicator used throughout Spain to fix interest rates on household mortgages, has risen to 3.221 percent - its highest level since October 2002.

28 April 2006

MADRID — Euribor, the indicator used throughout Spain to fix interest rates on household mortgages, has risen to 3.221 percent - its highest level since October 2002.

The Bank of Spain was expected to announce the Euribor had gone up by more than one decimal point during April.

It is the seventh consecutive rise in the Euribor in as many months.

But the increase in April was the highest yet - rising more than 0.1 percent.

This means for hundreds of thousands of mortgage holders in Spain, the amount they pay in interest will have risen by almost 1 point in a year.

In terms of mortgage payments, for those with an average mortgage of EUR 120,000 taken out over 20 years, the latest increase will mean their monthly bills rise by EUR 56.63 - or by EUR 679. 56 over the whole year.

[Copyright EFE with Expatica]

Subject: Spanish news

 

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