The 12-month Euribor climbs to 3.24% and has increased by one point since the start of the war in Iran. An average mortgage reviewed in September will pay €96 more per month.
The 12-month Euribor stands at 3.24% with one day left in the month, its highest level in two years. Since the outbreak of the war in Iran, the index has risen by one percentage point, according to eleconomista.es.
For an average mortgage with a differential of euribor +0.75% that needs to review its annual payment in September, the monthly payment increases by about €96, which amounts to €1,160 more a year. In semi-annual reviews, the increase is €63 per month, €378 per semester.
Before the attacks by the United States and Israel against Iran, the Euribor was trading around 2.2%, in line with the official rates of the European Central Bank (ECB), which were then at 2%. The closure of the Strait of Hormuz, the attacks in the Red Sea, and the freezing of maritime traffic in the Middle East have driven up energy prices and boosted inflation in Europe. The CPI in Spain approached 5% in September.
The market anticipates that the ECB will raise official rates to 3% by summer, which would add more pressure on the financing of families, businesses, and governments. The Euribor, the index at which the main banks of the eurozone lend to each other, acts as a precursor to those expectations.
The rising cost of money is already affecting mortgage loans and business credits, leading to increased interest rates for those with outstanding debt.
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