The Bank of Spain places the one-year Euribor at 3.247%, above the previous months. Valencian families with variable mortgages will notice the change in their payments.
The Bank of Spain has set the one-year Euribor at 3.247%, according to the latest official reference for September. This figure marks a rise that interrupts the downward trend of previous months. The information, reported by Las Provincias, indicates that the change affects thousands of families in Alicante, Castellón, and Valencia with variable loans pending review.
The restraint in reductions is due to the monetary policy of the European Central Bank, which remains cautious in the face of inflationary pressures in the services sector in the euro area. Despite expectations of easing, interbank rates have stabilised, delaying a clearer reduction in credit costs.
For an average household in the Valencian Community with a loan of €150,000 over 25 years and a differential of one point, the monthly payment is around €813, with a debtor rate of 4.247%. Those who review their mortgage annually and compare it with the peaks above 4% from twelve months ago would save between €60 and €70 per month, about €800 per year. In contrast, those with semi-annual reviews will notice a slowdown in the decrease and even a slight increase.
The three-month Euribor has reached 2.642% in mid-October, with a difference of more than sixty basis points compared to the annual term. This gap indicates that the market anticipates gradual rather than immediate reductions in the coming quarters.
Holders of variable loans can negotiate with their bank for a modification to reduce the differential or transfer the mortgage to another bank through subrogation. There is also the option to switch to a mixed-rate mortgage, with a fixed rate for the first five or ten years before moving to a variable rate.
Before visiting the branch, it is advisable to calculate stress scenarios with different Euribor levels, assess early repayment if there are no penalties, and compare several binding offers.
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