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Interest will climb more, house payments rise up to 59% in a year and a half & More Breaking News

 

The toughest course of action taken by the European Central Bank (ECB) since the beginning of the summer to fight inflation — the benchmark interest rate rose by half a percentage point in July and another 0.75 percentage points in early September — threatens to make strong collateral damage. Starting with Portuguese families. With Euribor rates on the rise, the monthly payment of families to the bank has been getting worse. And the worst is yet to come. The Expresso simulations, taking into account the evolution already registered in the Euribor rates, and the expectations in the financial markets for their evolution in the coming months, indicate an increase in the monthly installments of mortgage loans of 59% between January of this year and July of 2023. On a 30-year loan of €150,000, that’s another €261 per month, reaching €436 monthly on a loan of €250,000. For shorter maturities, the jump may be smaller, but equally significant: for 10-year loans the increase is around 25% and for 20-year loans it is close to 50%.

In December 2021, few would risk a scenario like the one that is happening, as Euribor interest rates — which have been in negative territory for several years — hit historic lows. But the trend reversed at the beginning of 2022 and the upward movement was accentuated with the tightening of the monetary policy in Frankfurt. And it has been surprising due to the speed and size of the increase.

This is an article from the weekly Expresso. Click HERE to continue reading.

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The Article Is In Portuguese🡽

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