The euribor closes August at 2.95% and increases the annual review of mortgages. The average payment in Málaga will rise by about 108 euros per month, nearly 1,300 euros a year.
The average mortgage payment signed in Málaga a year ago will rise by about 108 euros per month and nearly 1,300 euros per year with the review that comes with the new term. The reason is that the euribor closed August at an average of 2.95%, compared to 2.11% a year ago, according to Diario Sur.
The average mortgage signed in the province a year ago was 248,539 euros, according to the National Statistics Institute. With a term of 25 years and a differential of 1% over the euribor, the payment will rise from 1,192.87 euros to over 1,300 euros monthly, according to the Bank of Spain's simulator.
The average mortgage in Málaga is one of the most expensive in Spain, only behind the Balearic Islands and Madrid. Nationwide, the payment will rise by an average of 74 euros per month (888 euros per year), because the average loan signed a year ago was less than 170,000 euros.
Mortgages that are reviewed every six months will also feel the change. The average loan signed in February was around 260,000 euros with a euribor of 2.22%; the payment will rise from 1,262 to 1,362 euros, an increase of one hundred euros per month, about 600 per semester.
Pablo Vega, a finance expert at Roams, explains that the euribor has climbed despite the European Central Bank only raising rates by 25 basis points since June: "This shows that the financial cost does not solely depend on where the official rates are today, but on where the market believes they will be in six or twelve months." The next ECB meeting is on 10 September.
The indicator is at its highest level since August 2024, after peaking in June 2023 (4.4%) and then correcting. This rise has boosted mixed mortgages: they accounted for 15% of the contracts intermediated by Idealista in July, tripling levels from the beginning of the year. Roberto Andecochea, an economist at Idealista, points out that "the historical average of the euribor is around 1.92%, well below the current 2.95%, so it is reasonable that many families bet on the rise being temporary."
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