We have now seen two years of consecutive increases in the Euribor rate, adding more and more to our monthly mortgage repayments (as they tend to be variable here in Spain). That said, are we seeing signs that its topping out? Of course no-one knows for sure but for the first time in two years Euribor has dropped this month.
The 12 month Euribor rate (the main indice of reference for mortgages in Spain) stands at 4.595%, the lowest in two months, but still much higher than October 2006 when it stood at 3.799%.
A study by BBVA has predicted last week that we should see Euribor at 3.9% by the end of 2008 - good news for us mortgage payers!!
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