The Bank of Spain ratifies the largest rise in the history of the Euribor, which shoots up to 0.852% in June

• Rate rise The Bank of Spain warns that there are already more than a million households drowned by their mortgages and credits

The Bank of Spain ratified this Friday that the Euribor, the benchmark index for mortgage loans, rose to

and stood at its highest since August 2012.

As indicated by the

in its statement, the one-year Euribor index, which is used as the main reference to set the interest rate on mortgage loans granted by Spanish credit institutions, rose in June from 0.287% in the month up to 0.852%, which is 0.565 points more.

With this rise,

, reports Servimedia.

as a reference

, the index registers a

.

In the month of February 2021, the Euribor registered its historical low at -0.505% and since then it has risen by 1.357 points.

The Euribor had been in negative territory since February 2016.

These official reference interest rates are valid from their publication in the Official State Gazette (BOE), which, as a general rule, occurs a couple of days after their publication by the banking authority.

The Euribor is calculated using data from the main banks in the euro zone and consists of the average spot interest rate offered by entities for one-year term deposit operations in euros.

Experts believe it will continue to rise

The indicator has been boosted by the announcement that the European Central Bank (ECB) will raise

from 0% to 0.25% in July, while a new rise will take place in September that could raise rates to figures close to 0.75%.

The experts, who a few weeks ago did not expect the Euribor to reach 1% until the end of this year, are already updating their forecasts.

Analysis Department

predicts that the 12-month Euribor will reach

and

, later moderating to 2% in 2024. For its part, Asufin believes that its value will be

and

1.9% in 2023, reports Europa Press.

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