Having a mortgage today can have many advantages, but also many drawbacks, especially in the event that the one you have is variable, so you always have to be aware of the news to know what awaits you in this regard. The banks already know what is going to happen with mortgages, something that undoubtedly affects you, and if you keep reading we will tell you why.
This is the future of mortgages
The renewals of the average variable mortgages stood at the beginning of last July at 250 euros per month, which is about 3,000 euros per year, also closing the Euribor in June at 4.007%, which is what these increases imply about 250 euros per month. The index exceeded 4% for the first time since 2008, which is undoubtedly news since it continues to break records not seen for many years, bad news for those who have a variable mortgage that depends on it to know their monthly amount.
The European Central Bank set its interest rates at 4%, so mortgages have to start from that percentage in the case of variable ones, since those who have a fixed mortgage do not have to worry in the least in that sense since It does not affect them no matter how much the Euribor rises.
The question that those with variable mortgages ask themselves over and over again is: when will the Euribor stop rising so that the mortgages go down? Banks are beginning to make their forecasts, such as Bankinter, which has just updated them and believes that the Euribor will remain above 3% until 2025. Its analysis department forecasts a drop in prices of around 5% between this year and the next, and that the Euribor closes this 2023 above 4%.
In the case of the Fundación de las Cajas de Ahorros, it places the annual average for this year at 4.25%, with a drop to 4% in 2024. For their part, BBVA experts believe that the 4.5% coming soon. In addition, the forecast is that the European Central Bank will continue with its current policy of raising rates up to two more times this year, so that 4.5% could be reached before the end of the year.
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