Euribor rises to 3.23% in October, over a point higher than a year ago

The benchmark index for variable-rate mortgages reaches 3.23% in October. According to Finteca, the average mortgage rate is 3.08%.

According to elmundofinanciero.com, the Euribor stands at 3.23% in October, more than a point above last year's level. The rise affects the index that serves as a reference for a large part of variable-rate mortgages.

For the firm Finteca, the movement confirms a trend of recent months: many buyers prioritise reducing financial uncertainty and protecting themselves from possible changes in interest rates. According to their data, the average interest rate for mortgages is 3.08% and nearly two out of three mortgages are signed at a fixed rate.

“This demonstrates that the stability of payments remains a priority for many buyers, especially in a context of uncertainty regarding the evolution of rates,” says Yogi Thadhani, country manager of Finteca.

Thadhani argues that the main obstacle to buying a home is no longer just obtaining financing, but being able to afford the price of the house and gathering the necessary savings to access it. Finteca warns of the risk that more and more families with the capacity to pay a mortgage will be excluded from the market due to these barriers.