The Euribor closes February with record figures, as indicated by the independent comparator iAhorro in a press release on Thursday. This indicator, benchmark for the calculation of variable mortgages, turns three years in negative rates this month. Specifically, it closed at -0.108%, 0.008% more than in January 2019, when it stood at -0.116%.
A year ago, the Euribor bottomed with -0.191% so the interannual rate has increased 0.083 points in these twelve months, the highest growth recorded since 2014. In this case, citizens who have to check their mortgage this month will pay more fee than a year ago.
"Little by little the euribor is approaching zero although it is true that in this month of February the difference with January is very small. The Euribor will remain negative in the coming months and it is very difficult that in the short term we see a drastic change. The trend will continue to be growing and will increasingly approach zero, but it will not be until the end of 2019 when that point is reached, "says the spokeswoman of the financial comparator iAhorro.com, Lucia Veiga.
The indicated has continued to rise in the first two months of the year, despite the fact that the European Central Bank (ECB) announced in January that it would maintain rates in the coming months. "The economic situation of the euro zone does not finish stabilizing and the euribor is sensitive to several stimuli so we will have to wait and see how the rest of the macroeconomic indices evolve and how they affect this index. At the moment, citizens are still betting on variable mortgages, 58.6% of those signed in 2018 were of this type compared to 41.4% at fixed rates, "says the financial spokesperson of iAhorro.com.
In the case of a citizen with a mortgage of 130,000 euros at 20 years with a differential of Euribor + 0.99%, he will now pay 591.04 euros each month, 4.53 euros more than a year ago. So, in the total of 2019 will pay 54.30 euros more for your mortgage. If the amount of the mortgage were 300,000 instead of 130,000, the mortgaged will pay spend 125.64 euros more in this year, according to the statement sent to the media by iAhorro.
For a mortgage of 130,000 euros for a term of 30 years and with a differential of 0.99%, the client will pay 411.12 euros per month, 56.76 euros more per year compared to what he has paid during 2018. If the mortgage out of 300,000, the new amount to pay would skyrocket to 130.92 euros more per year.
The difference when paying the mortgage now or a year ago begins to grow little by little. "In this month we can talk, in some cases, of an increase of more than 100 euros per year in mortgages, although it is true that we are still far from the data of the most critical years of the Euribor. Despite this, the indicator remains negative and this is good news for citizens who have variable mortgages, "says Lucia Veiga.