Are you considering buying a home?
The National Institute of Statistics (ISTAC) has recently published a graph showing the evolution of the official reference interest rates of the Spanish mortgage market. The graph, which can be consulted on the ISTAC website, offers monthly and annual data on the main mortgage indicators, such as the 1-year Euribor, the 1-year Mibor, the interest rate on mortgage loans over 3 years and the rate of return on public debt between 2 and 6 years.
Implications for consumers:
The rise in official interest rates in the mortgage market will have a significant impact on consumers who are considering buying a home or refinancing their mortgage. Variable mortgages will become more expensive, meaning that monthly mortgage payments will increase. Fixed mortgages will also become more expensive, although to a lesser extent than variable mortgages.
Recommendations:
Consumers who are considering buying a home or refinancing their mortgage should carefully compare the different offers available on the market. They should also consider their personal financial situation and their ability to afford monthly mortgage payments in a rising interest rate environment.
For more information, you can consult the ISTAC publication.