The Euribor rises to 4.15% in July and variable mortgages become more expensive up to 250 euros per month

The Euribor continues to grow and closes July at 4.15%, climbing more than one tenth compared to the previous month. This increase affects some four million Spanish households with variable-rate mortgages, which may see their loans become more expensive by about 250 euros. The European Central Bank (ECB) has not stopped raising official interest rates to contain inflation.

The 12-month average of this indicator, the main reference to update variable loans, exceeded the 4% barrier in June. This hasn't happened for about 15 years.. In November 2008, the highest monthly Euribor was registered, at a delicate moment for the country, which was about to enter a financial crisis.

In recent months, it has suffered a constant escalation. In December 2021, it stood at -0.502, while in January 2023 it was already at 3.337. In July 2022, the Euribor reached 0.992%, three points below the current figure. The consequences of these increases are felt in households, affected by a 64% quota increase in just over two years. Experts consider that in the coming months the Euribor will move in a range between 4 and 4.25%.

The forecast is that it will continue to rise during the second half of 2023 and all of 2024, although it will depend on the evolution of inflation.. The new mortgages that are being signed these months have an average interest rate of 3.6%, more than double what was registered just a year ago.