Euribor continues to new lows

Euribor, the interest rate normally used to calculate mortgage payments in Spain, fell from 1.771% in April to 1.644% in May, a percentage change of -7.2% month to month, and -67% year to year.
After 8 consecutive monthly declines, annual repayments on the average mortgage based on Euribor will fall considerably. According to the National Institute of Statistics, the average Spanish mortgage is 119,000 Euros, Euribor +.075%, with a 26 year term. Monthly repayments on mortgages resetting to May’s Euribor will fall by 223 Euros to 512 Euros per month, a major relief for many of Spain’s hard pressed borrowers.
Euribor has started June with further falls.

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