Title: EURIBOR (official mortgage market reference rate). November 2024
Date: 28 November 2024
Source: Banco de España
Body:
The EURIBOR (Euro Interbank Offered Rate) is the official reference rate for the mortgage market in the euro zone. It is calculated as the average of the interest rates charged by a panel of banks for lending to each other. The EURIBOR is used to set the interest rates on variable-rate mortgages, which are the most common type of mortgage in Spain.
The EURIBOR has been rising in recent months, due to expectations of higher interest rates from the European Central Bank. This has led to an increase in the cost of variable-rate mortgages.
In November 2024, the EURIBOR stood at 3.5%, up from 2.5% in October 2024. This is the highest level since July 2012.
The rise in the EURIBOR is having a significant impact on Spanish homeowners. Many homeowners are facing higher monthly mortgage payments, and some are struggling to make ends meet.
The government is considering taking measures to help homeowners who are struggling with their mortgage payments. One option being considered is to introduce a cap on the amount that mortgage rates can rise.
The rise in the EURIBOR is also a concern for the Spanish economy. Higher mortgage rates could lead to a slowdown in economic growth.
Impact:
The rise in the EURIBOR is having a significant impact on Spanish homeowners and the Spanish economy. The government is considering taking measures to help homeowners who are struggling with their mortgage payments.
Conclusion:
The EURIBOR is an important benchmark for the Spanish mortgage market. The recent rise in the EURIBOR has led to an increase in the cost of variable-rate mortgages. This is having a significant impact on Spanish homeowners and the Spanish economy.
EURIBOR (official mortgage market reference rate). November 2024
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