Anyone who has a mortgage due for revision in April will note the highest rise in mortgage interest rate since the end of 2007 as the Euribor hits 2.09%.
The rise represents a 0.87 point increase and in real terms an average mortgage of 150,000 euros over 25 years will cost approximately 63 euros more a month: 756 euros annually.
It was only a year ago, in March 2010, when the Euribor hit an all time low and mortgage rates were at a rock bottom 1.212%. However, over the past year the rate has gradually increased and is expected to reach between 2.60% and 2.75% by the end of the year.
Mortgages in Spain are generally revised once or twice a year depending on the contract. Readers should check with their lenders for the date of the revision.
