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The euribor, the indicator most used in Spain to calculate the quotas of the mortgages, turned down in July, and to add two months to the low to be e n the environment of the -0,276%, compared to -0,147% marked in June . The average rate provisional stood in the -0,276%, so if the Bank of Spain confirms this rate half of July, the euribor encadenaría his second fall, along with the June.

The euribor, stood in January at the -0,253% and declined in February to the -0,288%. However, in march, after the outbreak of the epidemic of coronavirus, rose to the -0,266%. In April, went back up, up to the -0,108%, and in may it rose up to the -0,081%.

Despite the imminent fall of July, l as quotas of the mortgages that are reviewed by this reference are likely to rise , since a year ago, in July of 2019, the euribor was lower (more negative), and was placed in the -0,283%

however, is the hypothecated with semi-annual review may enjoy a few monthly fees slightly cheaper after the update to be the lowest quote that last semester (-0,253% in January 2020). According to calculations of the comparator financial for example, for a client with a median mortgage of € 150,000 at 25 years with an interest rate of euribor plus 1% and will touch the semi-annual review in the coming weeks, the fees that borrower would fall of 548,29 euros a month to 546,83 euros. In consequence, it would save a few 8,76 euros in total for the semester.

From, however, suggest that this does not apply to servicers with annual review since the euribor was priced a year ago at the -0,283% . Anyway, the rise in the cost of the fees would be very slight, and for the example above, monthly payments would rise the 546,30 euros to the 546,83 euros, with what the customer would have to pay a 6,36 € more per year.

Vagaries for the pandemic

After a first half in which priced below the -0,250%, the euribor has suffered a rise important with the expansion of the pandemic of Covid-19 . In consequence, its value has increased since the -0,266% of march until the -0,108% of April and the -0,081% in may. This trend, however, was reversed in June (-0,147%), so that from ensure that it is “difficult,” that this index can again be subjected to another spike in aggressive in the remainder of the year.

In terms of its future evolution, the most likely is that you keep close to 0% during the next five years. And in the shorter term, the forecast of the Analysis Department of Bankinter, is that the euribor will end the year 2020 with an average value of the -0,22% and traded during 2021 to an average of -0,10%.

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