European Interbank Offered Rate the Euribor, used in Spain to calculate mortgage payments sizes, which in July was 1.41% in August, dropped to a record low of 1.334%, according to Spanish Property Insight. To date, Euribor rate decreased by 75% compared with the same period last year, when it amounted to 5,323%, which is very beneficial to the owners of Spanish property taken under the mortgage. Due to the recent fall of the Euribor Spanish property owners can save money on interest payments on the mortgage, an average of about € 316 per month or more than € 3,800 per year. However, there is reason to believe that most banks prefer to increase the level of margin instead consider lowering mortgage rates. As suggested by experts on mortgages, the Euribor, in any case, will not fall lower than 1%.
The cost of a mortgage in Spain continues to decline
14.09.2009
Homesoverseas.ru editorial office
46
Discussion

Subscribe to new comments