The 12-month Euribor is already above 3.7% together a year after entering positive territory.

The reference indicator for most variable mortgages in Spain ended April with a provisional average of 3.75%, at its highest level since November 2008. Just 12 months ago, the Euribor was close to 0%, while dismissed March with an average of 3.647%.

In the fourth month of the year, the Euribor has continued to climb positions by discounting a possible new rise in interest rates by the European Central Bank (ECB), which holds its monthly meeting on May 4. In recent weeks several members of the Governing Council of the highest monetary and financial authority in the euro area have insisted that the rate hikes will continue, despite already being at 3.5%, and they have not even ruled out that the next one will be of 50 basis points.

For example, the governor of the Bank of the Netherlands, Klaas Knot, considered one of the main representatives of the most restrictive current or ‘hawks’ of the ECB Governing Council, has been in favor of raising interest rates in the meetings in May, June and July, if core inflation shows no sign of easing its pressure.

In this scenario, the reference indicator of most variable mortgages continues to make the installments of the loans that are due for review more expensive. On average, those with mortgages will face an average increase of 250-300 euros per month (up to 3,600 euros per year) and could experience new increases in the coming months.

In fact, the Euribor in the daily rate has moved in the last days of April between 3.8% and 3.9%, and there are analysts who suggest that in the coming months it could exceed 4%.

The Savings Banks Foundation (Funcas), without going any further, places the annual average of the indicator at 4.25% in 2023 and believes that in 2024 it will remain stable at around 4%. These numbers are in line with those used by economists and analysts on what will happen to interest rates, and which suggest that the ECB still has room to raise them above 4%, although for now they rule out that they could reach 5%.