June 3rd, 2009

Euribor (12 months), 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 eight consecutive monthly declines, repayments on the average annually resetting mortgage based on Euribor will fall by 2,280 Euros a year.

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.

Related posts:

1. Euribor Falls to 1.61 Percent in June
2. Euribor Falls Again To New Low
3. Euribor Falls For 12th Consecutive Month
4. Euribor Falls to New Record Low
5. Euribor at Second Lowest Level on Record

Tags: Euribor

This entry was posted on Wednesday, June 3rd, 2009 at 13:45 and is filed under Financial & Mortgages. You can follow any responses to this entry through the RSS 2.0 feed.

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