Mortgages cost less as euribor falls

Article Date : Thursday, June 16, 2005

Mortgage rates fall for the second month in a row reaching the lowest level in 13 months according to the euribor mortgage rate indicator. Mortgage rates at 2.193% in May lower even than the end of May 2004 when it stood at 2.29%. It means that monthly mortgage repayments will fall slightly for the first time since last December. The euribor is an average of offered interest rates by the top 60 banks. For the first time ever last year, average debt in Spain exceeded average earnings by around 5% with debt up around 15% compared with 2003. At the end of March 2005, total personal debt in Spain reached a record of €615,132 million despite a fall in the concession of new loans, according to Bank of Spain statistics.

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Mortgages cost less as euribor falls

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