Euribor rate hits 3.1%

The Bank of Spain has confirmed that the euribor has surpassed 3.1% for the first time since November 2002.

During the next month, the monthly quota of an average mortgage will increase by an additional 40 euros.

The euribor - the main mortgage reference continues with the bullish rising initiated during the middle of 2005 and yesterday surpassed 3.1%, something that has not happened in almost three years.

The euribor over a year is the average interest to which money is lent by the European banks with a view to a 12 month period, it is calculated daily and the average of each month is used as an official reference to fix the mortgage conditions on most of the variable type loans.

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