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HomeLatest NewsThe Euribor marks a new maximum at 4.08% and moves the mortgage...

The Euribor marks a new maximum at 4.08% and moves the mortgage needle for June

Date: February 24, 2024 Time: 07:57:29

The 12-month Euribor, the benchmark for Spanish mortgages, went up one step again today Tuesday to stand at 4.082%, its highest level in daily trading since November 21, 2008. The daily increase also moves up a hundredth the needle of the monthly average of June up to 3.948%, from 3.937% in which it was set on Monday. The interbank index points to 4% this month in the absence of eight business data for the end of the period, which will complete its eighteenth consecutive monthly rise, although it will be the lowest since March 2022.

The rise of the Euribor has been reactivated in the last three days after the European Central Bank (ECB) has drawn a panorama of new increases in interest rates to contain underlying inflation that it considers too high. The barometer of loans between banks had been in a lateral range for close to 100 days after approaching 4% at the beginning of March, but the banking crisis unleashed in the US that month neutralized its unstoppable rise. In fact, the index fell financially to levels of 3.3% but recovered after doubts about the impact it would have on the economy were dispelled.

Philip Lane, the chief economist of the European Central Bank (ECB), reiterated this Monday in Madrid the vision expressed by the president, Christine Lagarde, on Thursday and Friday: there will be a rate hike in July if nothing changes significantly in the economy, although he ruled out being so vehement in the face of the return of summer.

“July is just around the corner, unless there is a substantial change, another increase seems appropriate and September seems so far away that we have to wait and see what happens,” Lane said during an event at the + Fundación Rafael del Pino. Lane said that he is confident that inflation will moderate. “We do not go beyond one meeting to the next, what we think in one meeting does not determine what we will decide in the next one,” said the Irish economist.

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

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