The Bank of Spain has confirmed a new low for the Euribor in March: 0.212%. The reference rate for most Spanish mortgages has fallen 0.365 points over the past twelve months.
Furthermore, the Mibor, which is the official inter-bank reference rate used in the mortgage market prior to 1 January 2000, also dropped in February, to 0.212%. The Bank of Spain confirmed these figures, adding that these reference rates are valid from the time they are published in the Spanish Official State Bulletin (Boletín Oficial del Estado – BOE), which is usually a few days after it is announced by the supervisor.
Therefore, a mortgage set up a year ago for a total of 100,000 euros to be paid back over 25 years will see monthly payments drop from 358.03 to 342.27 euros, nearly 16 euros less per month or a savings of 190 euros for the year.
