The Euribor will rise in September while mortgages fall.
According to the data of the market gathered by EFE, the average monthly rate of this indicator is higher than the 0,542% of August, but is lower than the 0,740% reached in September 2012, which will determine the reduction of the installments of these credits.
So that, once the Bank of Spain confirms the Euribor of September, an average mortgage of around 150.000 Euros with a period of 25 years will experience a reduction of 13 Euros per month or 156 per year.
In the case of a mortgage of 300.000 Euros, also with a period of 25 years, the monthly savings will reach 26 Euros or 312 per year.
However, the reduction of the indicator does not always mean a reduction of the mortgages, as some of them are bound by the so called “minimum level clauses”, which establish minimum interest rates that prevent them from benefitting from any reductions in the rate. (…)