According to Deco/Dinheiro&Direitos, the mortgage interest deduction paid by bank customers to mortgages will increase in October between 89 and 202 euros in contracts indexed to Euribor at three, six and twelve months, given the latest revisions.
The entity’s simulation shows that a customer with a loan of 150 thousand euros, with 30 years, indexed to the Euribor for six months and with a spread (the bank’s profit margin) of 1%, starts paying from October 600.20 euros, an increase of 146 euros compared to the last review in April.
With a loan under the same conditions (amount and amortization period), but indexed to the three-month Euribor, the customer pays 555.25 euros, an increase of 89.08 euros compared to July this year.
Finally, for loans indexed to the 12-month Euribor, the mortgage payment for a loan under the above conditions will be EUR 651.41, an increase of EUR 202.10 compared to October last year.
These values were calculated taking into account the Euribor averages for the month of September, of 1.596% at six months, 1.011% at three months and 2.233% at 12 months, according to Deco.
This Friday, the last day of September, the Euribor rate rose to three and six months and fell to 12 months from Thursday.
The six-month Euribor rate, most commonly used in Portugal for housing loans and which turned positive on June 6, rose this Friday to 1.809%, up 0.009 points, after rising to 1.858% on Wednesday, a maximum since January 2009.
The three-month Euribor, which entered positive territory on July 14 for the first time since April 2015, also rose this Friday, reaching 1.173%, plus 0.013 points, after rising to 1.228% on September 27, a new record high since January. 2012.
On the other hand, the Euribor fell last Friday for the third time since September 9 in a 12-month period, when it was fixed at 2.556%, minus 0.022 points, from 2.625% on September 27, a new high since February of 2009.
The Euribor started rising more strongly since February 4, after the European Central Bank (ECB) admitted it could raise key interest rates this year due to rising inflation in the eurozone and the trend was reinforced with the onset of the Russian invasion of Ukraine. on February 24.
On September 8, the ECB raised the three main interest rates by 75 basis points, the second consecutive hike this year, as it had raised the three main interest rates by 50 basis points on July 21, the first increase in 11 years, with the aim of bringing inflation back. to push.
At the end of the last meeting, ECB President Christine Lagarde said the historic 75 basis point rate hike was not the “norm”, but emphasized that the assessment would be on a meeting-by-meeting basis.
The evolution of Euribor interest rates is closely related to increases or decreases in the key ECB interest rates.
The three-, six- and twelve-month Euribor recorded their lowest ever, at -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021, respectively.
Euribor is determined by the average of the rates at which a group of 57 banks in the eurozone are willing to lend each other money on the interbank market.
Source: DN
