Saturday, November 1, 2008
The Euribor fell to 5.248%
The Euribor, the indicator most commonly used for the calculation of mortgages, has been positioned today in the 4865%, its lowest level since April after losing six tenths since the beginning of the month, thereby lowering the average monthly until October 5248% , A rate that is not played since May but did not preclude the mortgages that will be reviewed shortly urge. The families spend nearly half their income to pay their housing Families with mortgages to the neck The news on other websites Websites in Spanish in other languages These data, which must be confirmed by the Bank of Spain, reflected in any case that the indicator has consolidated the downward trend since its peak in early October, earlier this month set a record in intraday trading with a 5526% , And has reacted to the measures to support the financial system jointly agreed by governments and central banks around the world. Although the closing date of October compared to a drop in mortgage euribor September when grazed with a 5384% above the record high in its ten year history reached in July (5393%), revisions of mortgages to take this figure as reference shall be to the upside. In fact, I have to face a mortgage rate of 150,000 euros to 25 years with an interest rate of Euribor plus 0.5%, will see their monthly letter and is encouraged by almost 60 Euro to be at 946 euros. The fall for three consecutive weeks of this index has not been enough for the monthly average falls below that of 4647 marked% in October 2007. The proof of that confidence is recovering, albeit much slower than what was lost, is contrasted to observe the trend of the three-month Euribor, which yesterday fell to 4794%, the lowest since April. The Euribor, an acronym for Europe Interbank Offered Rate, is one of the best thermometers to know the status of the interbank market, since it is one of the most widely used in the contracts of the financial sector. According to experts, will have to wait until January to go down 5% and next spring in order to influence this fall to the low mortgage fees they pay millions of Spaniards. The families spend nearly half their income to pay their housing Although the euribor low, and that are also cheaper apartments, 1.3% in the third quarter compared to the previous period to 2068.7 euros per square meter, according to the INE, the Spanish families growing spend more of their gross income available to pay for your house. According to the latest data published today in Spain, households spent 48.7% of their income to finance the purchase of housing in the third quarter of 2008, almost three points more than the same period last year, and 2.2 points more than the whole of 2007. This percentage, which confirms that the debt burden of households is maintained at maximum levels, compared with 36.4% of the gross household income needed to allocate for this purpose in 2005 and 35% went to families to buy Housing in 2004. It also comfortably exceeds the recommendation that this expenditure should not exceed one third of revenues.