pocket For families, the number translates into the first rise in mortgage since November 2008. A turning point over the next months?
Analysts are reassuring to recognize that although the situation may worsen, it will be a slow and gradual. Renta 4 provides that the indicator end the year at around 1.50%, but remember that the rise is not as important if one considers that the figure still falls far short of 4.813% on average, which closed two years ago .
Even more optimistic. Antonio Zamora Garcia, director of strategy at Banco Sabadell, explains that the rise in the Euribor recorded between June and July due to higher expectations for a possible rate hike from the European Central Bank (ECB), with improved economic activity in the second quarter, and increased premiums interbank market risk amid doubts about the solvency of the financial system. However, explains that "this process has been arrested in the past two weeks and although premiums have continued picking up, expectations of rising interest rates have returned to relax as a result of bad economic data arriving from the U.S., which aim to a clear slowdown. " Zamora believes that "although the margin is down very small, it is unlikely that the upward trend in June and July are extended in the last months of the year. "
At least not abruptly. Experts believe that we should not worry too much, at least until late 2011, when central banks start to raise serious about a rise in the price of money. And the uncertainty is starting to show. "We have noticed an uptick in demand for information about revisions to mortgages," explained from several banks. Normal. No one should like to meet with a negative surprise to return from vacation, after months of your mortgage by making revisions to the downside. But can we guard against the expected gradual rise the Euribor? The experts think so. And English banks offer different products to shield housing payments to the bank. Variable or fixed
Mercedes, a treinteañera which have just set in their work, is about a mortgage. Calculator in hand has traveled many branches, with the intention of becoming the best fixed mortgage market. "I thought that now that the Euribor begins to pick up would be the best option," he explains. Nothing is further from the truth. Door to door, still advise financial adjustable mortgage, which now represent over 90% of the national portfolio. Although loans fixed rate offer incontestable advantage, ensuring equal pay until the last day of the loan, experts believe that "are much more expensive and have a very high commissions if we change banks." Such products often have a less than 5% interest, which would be profitable only if the Euribor reached 2008 levels in the short term. "These mortgages do not represent even 1% of our portfolio and we hope this trend continues over the coming months," explained sources consulted in Bankinter. Of course, say that if anyone is interested, now is the best time to hire a fixed loan, "and that interest rates go up in price as the Euribor rising. Normally, the profile of this customer is someone with a secure income. "
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