The Euribor closed 2024 at 2.436%, according to the Bank of Spain

MADRID Jan. 2 () –

The Bank of Spain has indicated this Thursday that the Euribor closed last December at 2.436%, thus chaining nine consecutive months of decline and reaching its lowest level since September 2022.

This also means that the 12-month Euribor average for the entire month of December has decreased by 7 basis points compared to November’s figure (2.506%) and by 1.243 percentage points compared to a year before (3.679%).

Thus, a person who has contracted a variable mortgage of 150,000 euros for 30 years and with a differential of 0.99% plus Euribor and must review their interest rate with the December Euribor will register a decrease in their payment of 107.94 euros. per month. This is equivalent to 1,295.28 euros per year.

This calculation, carried out by Europa Press, implies the maximum level of decline for a person who has contracted a mortgage with that financed level, since as it is a review, at the beginning of the loan (that is, there are 30 years left to amortize). , the change in the interest rate has much more impact as there is a lot of principal to be amortized.

“The Euribor has fallen again in December, but it has not done so at the same speed as during the previous months,” says Simone Colombelli, Mortgage Director of the comparator iAhorro, who adds that this indicator is “replenishing its strength to return in January.” with more downward adjustments in both daily and monthly values”.

From the Kelisto comparator they consider that the European Central Bank (ECB) will continue to lower the price of money next year, which will affect the reference rate. “That would lead the Euribor to be around 2% for the second half of next year and to fall below that figure (to around 1.75%) at the end of 2025,” indicated Kelisto spokesperson Estefanía. Gonzalez.

OTHER INDICES

The Bank of Spain has also published that the Míbor, the one-year interbank rate that served as the official reference of the mortgage market for operations carried out prior to January 1, 2000, also closed December at 2.436%.

Regarding the new official interest rates that are now published, the Euribor for one week stood at 3.029%, for one month at 3.890%, for three months at 2.825% and for six months at 2.632%.

Regarding the short-term interest rate on money (euroSTR), defined as the value of the average compound interest rate on different terms (one week, one month, three months, six months) on the last business day of the month for Target purposes. months and 12 months) that is prepared and disseminated by the European Central Bank (ECB), the reference interest rate based on the euroSTR at one week stood at 2.913%, at one month at 3.067%, at three months at 3.204%, at six months at 3.443% and at one year at 3.715%.