Monday, July 13, 2020
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Euribor Continues its Ascent in May and Revives Fixed-Rate Mortgages

In May, Euribor continued its gradual ascent that began in February, when the coronavirus drums first started to sound. It was set to close the month at -0.081%, which could encourage the growth of fixed-rate mortgages.

Although the reference rate for mortgage loans is still negative, the upward trend in Euribor has been reflected in the values recorded: -0.288% in February -0.266% in March, -0.108% in April and now -0.081% in May. 

According to the bank comparison website, that increase will be equivalent to around €3.50 per month, on average, and so borrowers will have to pay around €43 more next year, on average. By way of example, for an average mortgage of €150,000 over 25 years at Euribor plus 1% with an annual rate review, the monthly instalments will be €3.57 more expensive (equivalent to €42.84 per year) whilst with a half-yearly rate review, the increase would be €12.80 per month (€76.80 per half year). 



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