The Euribor, the rate most used in Spain to calculate mortgages, has closed for January at 2,622%, almost two points down on the same month last year.
For anyone with an average mortgage of €132,103, repayable over 25 years and with a 0.50 point spread on the Euribor, the monthly repayments will be €633. This represents a ‘saving’ of €139 per month when compared to January 2008.
Anyone who has a mortgage which is reviewed every six months, the savings will be even more pronounced as the fall in the Euribor rate has been more dramatic since July 2008.