The 12-month Euribor, the indicator to which most variable-rate mortgages in Spain are referenced, has moderated the progress that it had been registering since 2022 and closed March with a monthly rate of around 3.64%.

This data is given, in part, by the Silicon Valley Bank collapses (SVB) and Credit Suissewhich have caused turbulence in the financial system and which have been transferred to the markets.

In this way, the index would register its smallest advance since March 2022, the last month in which it was at a negative rate. Just a month later, in April, the Euribor entered positive territory, standing at 0.013% and since then, it has not stopped increasing until it now reaches 3.6%.

This situation leads to an increase in the cost of mortgage loans. With the average recorded so far, a person who has contracted a variable mortgage at 25 years of 150,000 euros represents a monthly increase of 200 euros.

On the other hand, the INE has published the provisional inflation data for March in Spain, which has dropped to just over 3%, compared to 6% in February. It is thus positioned as the second country with the lowest inflation, after Luxembourg.

The provisional data of eurozone inflationwhich fell 1.6 points in March to 6.9%.