The Euribor falls in September to 2.94%, its best figure in almost two years

September 30 () –

The Euribor has fallen below 3% in September for the first time since November 2022, according to calculations made by Europa Press and in the absence of confirmation from the Bank of Spain.

During the ninth month of the year, the 12-month Euribor at a daily rate has registered an average of 2.936% and with a clear downward trend, with the last days of the month hovering around 2.76%.

The figure of 2.936% represents a decrease of 23 basis points compared to the previous month, but of more than 121 points compared to September 2023. This will translate into a considerable reduction in the mortgage payment that the majority of Spaniards will pay, since that most variable rate mortgages are referenced to the Euribor.

This will mean that 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 September Euribor will register a decrease in their installment of 108 .28 euros per month. This is equivalent to 1,299.36 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 is falling more and faster than expected these months. Starting in July we have seen a clear turning point in the trend of the reference index, which has changed its course completely,” indicated the director of Mortgages from the iAhorro comparator, Simone Colombelli.

“Financial entities are adapting to the reductions shown by the Euribor, with a greater margin to adjust their mortgage offers, which is attracting more loan applicants, which are already increasing and will do so more significantly at the end of the year “says the Director of Studies at Fotocasa, María Matos.

Ebury considers that the Euribor will be in a range of between 3% and 3.5% towards the end of the year, taking into account that they estimate two additional rate cuts by the ECB. HelpMyCash are more optimistic and place their range between 2.50% and 2.75%.