Friday, November 02, 2007

24 Months

Well it looks like I have been proved right (Not blowing own trumpet just commenting). After two years and 24 months of increasing mortgage costs the Euribor index, that used for mortgages in Spain in general, fell in October to a level below August and September. 4.64% is the latest figure and that is expected to fall to 3.9% by the end of 2008. This is a relief for all those people who were expecting an increase in their mortgage repayments next year and also makes the market more certain for those wanting to buy here.

I have been saying to all of our clients for the last couple of months that the Euribor will not go any higher and will start to fall as European interest rates follow American ones as European exports are becoming uncompetitive. Therefore it is good to see this happening now. Look forward to more reductions in the coming months and then the market will start to pick up more as Spanish wage earners are moved back into the market. Pick up your bargain now.

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