The Euribor reaches 3% in its daily rate, its highest level since December 2008

Euskaraz irakurri: Euriborra % 3ra iritsi da eguneroko tasan, 2008ko abendutik izan duen mailarik altuenera

The 12-month Euribor has reached today in its daily evolution the 3%a level that did not register since December 2008. With today’s data, however, the monthly average of the Euribor stands at 2.8%in such a way that it would still remain below 3% at the end of the year.

Throughout the month of December, the index to which most variable mortgages in Spain are referenced was around 2.8%. However, after the last meeting of the European Central Bank (ECB) last Thursday, the indicator has already registered two days above that level. Specifically, on Friday it climbed to 2.993%while today it has been located in the 3.057%.

At its last meeting of the year, the ECB decided to increase interest rates by 50 basis points up to 2.5%. Despite showing a moderation with respect to the two previous increases of 75 basis points, the central bank announced that same day that the rates will have to continue increasing “significantly” and in a sustained manner until they reach sufficiently restrictive levels to ensure that prices return. to reach the 2% target in the medium term.

These increases occur after the Euribor stagnated at 2.8% in November. From HelpMyCash they explain that this “paralysis” was due to three factors: on the one hand, that in novemberthe index was already almost a point above of interest rates; than the experts they speculated with moderation in the rate of rises of the ECB; and, lastly, that the inflation in Europe it had given way.

In this way, they believe that during the first six months of 2023, rates will reach 3%which would cause the Euribor to reach 3.5% in June.