Are you considering buying a home?
The Canarian Institute of Statistics (ISTAC) has recently published a graph that shows the evolution of the official reference interest rates of the mortgage market in Spain. 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 rate of mortgage loans for more than 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 thinking about buying a home or refinancing their mortgage. Variable mortgages will become more expensive, which means that monthly mortgage loan payments will increase. Fixed mortgages will also become more expensive, although to a lesser extent than variable ones.
Recommendations:
Consumers thinking about purchasing a home or refinancing their mortgage should carefully compare the different offers available on the market. They must also take into account their personal financial situation and their ability to pay the monthly mortgage payments in a context of rising interest rates.
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For more information, you can consult the ISTAC publication.
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