The interest rate reductions of the last few months have certainly been historic. What it means for those who have their mortgage in Spain linked to the Euribor rate is that your payments are likely to be around 20% lower than they were three months ago. The mortgage rates quoted by the banks in Spain are always tied into the Euribor rate so whenever there is a rise or fall, the mortgage will payment will change accodingly when reviewed next.
The Euribor rate currently stands at 3.896%, its lowest rate since December 2006 following the latest round of rate cuts. And experts predict it will continue to fall as the European Central Bank attempt to revive Europe's economies.
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