The Euribor at 12 months, the main rate used for the calculation of mortgages that have not a “minimum rate clause” in Spain, consolidates the downward tendency resumed in February, after a start of the year with constant increases.
With five values within the month of March, the Euribor reduces its monthly rate to 0,54%, which would mean a descent of 0,96% from March 2012. Plus, this rate has decreased 79 thousandth since the last meeting of the ECB on the 7th February.
The tendency during the month of February has been completely opposite to the one started in January. These last decreases have left the rate at the same levels as in December 2012.
This downward behavior takes place during the meeting of the Government Council of the European Central Bank (ECB), even though no changes on the official price of money are expected, which remains at a historic minimum of 0,75% since halfway last year.
Therefore, this downward tendency of the Euribor is not in line with the evolution of the interest rates, as no downward movements are expected for those.
It is expected that the institution presided over by Mario Draghi reduces its quarterly forecast of the GDP and the Consumer Price Index. (…)