You mortgage it they get cheaper for the first time in three years
27.11.2008
It seems that these Christmases come with a very special gift for all those that we have a mortgage. After three years of continued increases of the quota, the change of cycle provoked by the economic crisis seems that it is going to provide a mitigation to the Spanish families.
To today the Euribor has touched the psychological barrier of 4 % and it is foreseen that the month finishes below this one. The medium month's characteristic of November, which will serve to calculate the quotas in the December review, places below 4,4 % what represents a reduction of 0,2 % with regard to the valuation of 4,60 %-year ago-old. This dynamics is going to provoke the first reduction from September, 2005.
The change of situation will suppose a monthly saving of approximately 21 euros in the average quota and of 247 euros per year. The average mortgage quota rondrá then 792 euros.
Them more than foreseeable descents in the interest rates for next months and the relaxation on the interbank market they make to think about future descents of the index. If this cumplie, as we wait, most of the families will see a small light inside this adverse conjuncture and they will be able to come in order month without the belt of the mortgage pressing them so much.
Most of the analysts coincide that there is opened a new stage in which the debt of the families will turn out to be greatly limited and they hope that this should revive the consumption.
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One Response to “you mortgage It they get cheaper for the first time in three years”
Good news that the Euribor lowers in November but a sorrow for all those who check his mortgage between today and December 22 …
The current calculation of Euribor Hipotecario published in the BOE is based on an average of the Euribor of the previous month considered with the information sent to the Bank of Spain relative to all the operations constituted in this month.
This complicated calculation of the average demands almost one month before be publishing and goes to impidir that the descents of the Euribor obtained in November are applied in December to the loans of the families and the companies.
In a moment in which the Government studies measurements costosísimas to make to come to the real economy the price reduction of the credit they might take note of the very simple one and of public cost 0: to take not exaggerated average of the Euribor to gain time.