The monthly average increases four tenths compared to September and moderates its growth rateExperts expect new increases in the index that calculates variable-rate mortgages, driven by increases in interest rates to curb inflationDifferent organizations estimate that the Euribor will reach 3% in the coming months The 12-month Euribor registered a monthly average of 2.629% in October, practically the same level it reached in January 2009. This Monday the Euribor climbed again to 2.630% in its daily rate, after that last Friday it stood at 2.567%. However, the indicator remains below the level of 2.7% that it has reached during several days of the month, spurred by the expectation of a new rate hike by the European Central Bank (ECB). This speculation finally materialized last Thursday, when the central bank announced its agreement to apply a new rate hike of 75 basis points, which means raising them to 2%. Given this situation, the index to which the majority of variable-rate mortgages in Spain are referenced has remained in a range between 2.5% and 2.6%. The director of mortgages at the iAhorro comparator, Simone Colombelli, notes that growth in October “has slowed down.” “Between August and September, the increase was almost one point and this month it has dropped to 0.393 points. If we look at the trend of other years, at the end of the year the Euribor always moderated its growth a bit,” she explains. However, he is cautious in indicating that this moderation may not be so evident “especially if the ECB continues to raise rates between now and December.” With the Euribor closing at 2.62%, a person who has contracted a mortgage variable to 30 years of 150,000 euros and with a differential of 0.99% plus Euribor will suffer an increase in its mortgage payment of around 230 euros, that is, it would go from paying 450 euros per month to paying 680 euros from the review , which is equivalent to an increase of 2,800 euros per year. For iAhorro, the rate hike announced yesterday by the ECB “does nothing more than feed the Euribor”, which could end the year between 3.2% and 3.5% . However, Colombelli shows his prudence by assuring that “it is very difficult to make an accurate prediction because each month surprises us more than the previous one.” Fixed-rate mortgages at 3% iAhorro points out that, with this average Euribor level of 2.626% and bank spreads around 0.80%, interest rates on variable mortgages are around 3.5%, which has also triggered fixed-rate mortgages. In this way, some banks would already place the fixed TIN above 3%, a situation that could intensify in the coming months. “In six, seven or eight months things will get worse, I have no doubt. Our forecast is that Looking ahead to the spring of next year, the fixed rate will worsen considerably if the Euribor continues to rise”, explains the comparator’s director of mortgages. Analysts at HelpMyCash.com’s financial comparator believe that the Euribor will be at 3% before of the end of the year. In this regard, they explain that this index -which represents the average interest at which banks lend money to each other and that “it rises if it costs more for entities to finance themselves through the ECB”- is usually maintained between 0.5 and one point above the interest rate set by the central bank.” When this body intends to raise them, as is the case now, that difference widens, since the banks transfer this future increase to the interest on their interbank loans. For this reason, it is more than likely that this index will reach 3% before the end of the year and that it will remain at very high values in 2023″, the experts of the comparator transfer. The XTB analyst, Joaquín Robles, points out that the high Inflation and the successive rises in interest rates are increasing fears among investors of a new economic recession in Europe. In recent days, the market speculates on the possibility that the central banks will soften the rate hikes as of 2023, but Robles points out that this may not be the case with the ECB, since inflation “has not yet shown signs” of moderate, as it has done in other geographies; for example, in the United States.