The Euribor shoots up to 2.78% and makes mortgages more expensive at a higher rate than that registered in the real estate bubble

• Banks predict more expensive fixed mortgages in the face of the advance of the Euribor and the rise in interest rates

The twelve-month

soared this Friday to

, a level not seen since January

and which represents a

that recorded during the formation of the

This increase

-for a term of 25 years with a difference of 90 basic points (Euribor + 0.9%)- for customers who have to review the mortgage with the Euribor today, since in its last update the Euribor for May -0.28%- would have been fixed.

"

", explains

's own simulator , from which this calculation has been extracted, although it must be taken into account that the increases will depend on the year the mortgage was signed.

The rise of the Euribor, which is calculated by the average of the interest rates at which a group of 57 banks in the Eurozone lend money in the interbank market,

, but accelerated from June, when the European Central Bank (

) announced the first interest rate hike in eleven years.

Since then, it has continued on its upward path, at a higher rate than expected, as

and, above all,

Next week it is expected -and already discounted in the market- that the institution chaired by

will approve a

and show signs of concern about inflation, according to analysts, which will exert a

on the

In September

, with very worrying data in some countries such as Estonia (24.1%), Lithuania (22.5%), Latvia (22%) and Hungary (20.7%), the four economies that exceed 20%, which urges the action of the 'hawks' of the ECB.

"The Euribor is an index established by the market. Market participants, that is, investors, analysts, operators and financial entities, try to establish what the interest rates may be that the ECB sets for a year, approximately. Although In a normal situation, the ECB would not have to raise rates much beyond the current levels of the Euribor, our opinion is that it

and

(in a recession consumption drops and therefore it is difficult to continue raising prices), also on this occasion there is an additional problem: the weakness of the euro against the dollar", explains

Chief Strategy Officer and Founding Partner of

Alberto Valle

, director at

, explains that "

why the Euribor continues to rise

that banking entities have of the evolution of the rates set by the ECB for the coming months", an expectation that is increasingly higher as "

a reduction in available liquidity in the market due to the change in ECB policy, and an increase in risks".

In his opinion, it is possible that the

(it is now at

) and that, by that date,

and is between

.

"The ECB may be forced to follow the path of the Fed and raise rates above 2.5% during 2023, as long as inflation does not approach values ​​​​close to where the money rate is. It is likely that the ECB chooses to control inflation instead of choosing not to squeeze too much lenders (mortgages, but also sovereign debt) -which increases the risk of recession-", he points out.

Despite the fact that this Friday it rose to 2.778%,

expects that in

in the average of the twelve months of the year

(because until April it was negative and until July below one, which compensates for the current increases), but

This "will mean an

for

of

and

euros for

," warns the

These changes in the Euribor dissuade potential buyers, which makes it possible to foresee a

that banks already have.

According to Fotocasa, 24% of buyers or potential home applicants indicate that they have had to stop the operation due to mortgage changes.

Measures to help families

Even so, the most affected are

, who will see their disposable income diminish in a context of runaway inflation and loss of purchasing power.

The fear that this situation will lead to defaults is precisely what has led

to try to alleviate the financial burden of

The First Vice President and Minister of Economic Affairs,

, welcomed this Friday the proposals that are being considered between the banks and the Ministry to relieve families and hoped to have definitive measures "as soon as possible".

Among the

that have transpired is the one presented by

on a possible freeze for one year of the mortgage payments of all citizens, or the option of extending the return period if the mortgage rises by at least 30%.

This same Friday, the president of Banco Sabadell,

, also commented that the sector is considering payment moratoriums in the event that families with mortgages find themselves unemployed.

Yolanda Díaz,

second vice president and head of Labor, who on Thursday was unhappy with the suggested measures, said this Friday that

's path seems more appropriate: "I think that what is being proposed is not enough. The bet I make It is the one made by a financial entity that also has public participation. I think it is not about helping the vulnerable, this crisis is about the vulnerable, but it is about the middle classes and, in this sense,

. I think the measure that is being worked on is not enough," he pointed out.

Conforms to The Trust Project criteria

Know more

• Europe

• CaixaBank

• Carmen Bald

• Hungary

• latvia

• Lithuania

• Estonia