The Euribor does not give up even the last month of the year. The index to which most variable-rate mortgages in Spain are referenced will close the monthly average for the month of December at 3,004% (in the absence of tomorrow’s data), the highest value since December 2008, when it reached 3,452 % And it is that the Euribor has returned to exceed 3% in daily rate for the eighth consecutive session, after having marked 3.288% in daily rate.
The Euribor has been recording increases for twelve months, going in just twelve months from closing at -0.502% in December 2021, up to 3.004%, which represents a difference of 350 basis points, and 3.50 percentage points. The main consequence is that it will make mortgages more expensive again. Thus, for an average 25-year mortgage with a differential over the Euribor of 1%, the monthly payment will rise by 260 euros, which will mean 3,120 euros more per year. The interest payment bill will also skyrocket for the mortgage debtor, who will have to pay almost 78,000 euros more in total interest.