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HomeLatest NewsThe Euribor ends the week above the 3.5% set by the ECB...

The Euribor ends the week above the 3.5% set by the ECB for its rates

Date: June 3, 2023 Time: 10:44:05

The 12-month Euribor fell to 3.533% this Friday, 4 basis points less than Thursday and stabilized around the line of main financing rates set by the European Central Bank (ECB) last Thursday, March 16.

After the bankruptcy of the SVB and the rescue of Credit Suisse by UBS, the index plunged from close to 4% to just over 3.3% on the possibility that the ECB would reverse the rate hike, something which finally did not happen in Europe but neither in the US with the Fed.

After this Friday’s data, the monthly average for March falls to 3.67% provisionally and the annual differential also slides downward to 390 basis points, which will reduce this month’s rise in the absence of five more data to configure the official media.

According to data released this week by the Bank of Spain, the average rate of mortgage loans granted by Spanish entities for the acquisition of free housing exceeded 3.6%, reaching its highest level since April, the 2012 consecutive increase in the average rate, which now stands at 3.585%, compared to the 3.345% registered in January. A year ago, the average rate stood at 1.418%.

This increase occurs at a time when the Euribor, the index to which most mortgages in Spain are referenced, closed at 3,534% in February, which represents a rise compared to the 3,337% registered in January, maintaining the upward trend started at the beginning of 2022. In March it will rise above that level again but not as much as was projected before the current crisis among banks occurred.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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