The Balearic Islands and Madrid will once again be the autonomous communities that will benefit most from the fall of the Euribor in July, the second in the last eleven months, which has also marked a new historical low, -0.283%.
Although it is the fifth consecutive monthly decline in the indicator, it has not been noticed until last month in mortgage payments, since in the same month of 2018 it was “less negative”, which has happened again in comparison with -0.190% of July of the previous year.
The one-year Euribor, the main indicator of variable rate mortgages in Spain, has already been negative for 42 months.
The average amount of a mortgage for the purchase of a home was 125,120 euros in July 2018, according to data from the National Institute of Statistics (INE).
If to this amount the Euribor of that month plus a differential of one percentage point is applied, the monthly installment of mortgages for a term of 25 years was 461.42 euros.
After reviewing the mortgage with the July Euribor of this year, the fee will go to 455.69 euros, which means an average reduction of 5.73 euros per month, or 68.76 per year.
The reduction will depend on the average amount requested in each community, which ranges between 212,248 euros in the Balearic Islands and 74,792 euros in Extremadura.
In this way, the mortgaged of the Balearic Islands who review their loan with the data of July 2019 will save 9.72 euros per month or 116.64 annually, while Madrid residents will pay 7.94 euros per month less or 95.24 per year.
Next are Catalonia, with a monthly reduction of 6.52 euros (78.28 per year); Basque Country, with 5.92 euros per month and 71 euros per year; and, already below the average reduction of July, in La Rioja mortgaged people will save 5.24 euros per month and 62.85 per year and in Navarra, 5.22 and 62.62 euros, respectively.
The following table shows the data, by Autonomous Community, on the average amount of home mortgages constituted in July 2018, as well as the annual cut in fees when applying the current rate of the indicator in the annual review of a loan. 25 years old
Autonomous Communities Monthly savings Annual savings
Castile and León4,1049.22
Castile – La Mancha4,2250.69
. (tagsToTranslate) Baleares (t) Madrid (t) new (t) beneficiaries (t) euribor