The Euribor exceeds 2% for the first time since December 2011

The rise occurs after the rise in interest rates by 0.75 points, undertaken this Thursday by the ECB The main indicator of variable mortgages began September at 1.85% and no day of the month has traded below that level The increase in the Euribor implies increases in the installments of mortgage loans The 12-month Euribor has exceeded the 2% barrier in its daily rate for the first time since December 2011, one day after the agreement of the Governing Council of the European Central Bank ( ECB) on interest rates. The ECB has announced a rise in interest rates of 75 basis points, so that the interest rate for its refinancing operations will be 1.25%, while the deposit will reach 0.75% and the loan facility, 1.50%. In this way, the price of money has reached its highest level since 2011, when the ECB began a path of stimulus at the monetary level that has lasted more than a decade and that l e led to placing interest rates in negative territory. After this movement in monetary policy, the Euribor has climbed in its daily rate to 2.015%, compared to 1.903% the previous day. Sharp rise since August The 12-month Euribor closed August with a monthly average of 1.25%, its highest level since May 2012. The indicator started September at 1.851% and, so far this month, has not traded below that level on any day. Euribor entails a rise in the price of variable-rate mortgages that are subject to revision. If September closed at 1.9%, a mortgage of 100,000 euros would become more expensive by 84 euros per month or 1,000 euros per year. Asufin predicts that the Euribor will stand at 2.2% at the end of the year and believes that it could reach 3% in 2023. From HelpMyCash they consider that it will be around 2.5% when the year ends and they do not rule out that it could touch 3%, depending on how the European economy evolves and if the ECB raises rates once more in 2022 or twice at the October and December meetings.