Wed. Sep 28th, 2022

Madrid (EFE).- The twelve-month Euribor, the most used index in Spain to calculate mortgages, reached a daily rate of 2.5% this Friday, the highest level since January 2009, a week marked by snowfall. Interest rate hikes by central banks.

According to Bloomberg data consulted by Efe, the Euribor rose strongly this week, trading at 2.263% since last Friday and reaching 2.5% today.

Thus, and with several sessions until the end of the month, the provisional average rate for September reached 2.1%, the highest since 2011.

Residential buildings in Bilbao.
Residential buildings in Bilbao. EFE/Lewis Wave/File

EURIBOR rose sharply at the end of a week marked by the central bank. On Wednesday, the US Federal Reserve (Fed) announced a new 75 basis point increase in interest rates, confirming that they will remain high for a long time.

Similarly, other banks such as Switzerland or England also followed the Fed’s footsteps and raised the price of money.

The new rise in Euribor will result in an increase in mortgage payments, which could rise by around 180 euros per month or more than 2,100 euros a year.

And this is that a year ago, in September 2021, Euribor closed negative at -0.492%.

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