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Euribor Pauses at 2.081%, Easing Variable Mortgage Costs

Stable interbank rates have saved borrowers up to €130 per month, fueling a surge in mortgage signings and prepayments in Galicia.

Obras de construcción de un edificio de viviendas en Ourense.
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Overview

  • The Euribor remained steady at 2.081% in June, matching May’s level and marking a drop of 1.568 percentage points from June 2024.
  • At today’s rate, a €150,000 variable mortgage over 30 years with a 0.99% margin saves about €131 each month compared with a year ago.
  • Galicia saw a 25.3% increase in new mortgage signings through April and a 26.6% rise in capital lent to €713 million as financing conditions eased.
  • Mortgage cancellations in the region climbed 10.4% in 2024 to around 18,800, the highest total since 2007, driven by borrowers using pandemic savings to repay loans early.
  • Analysts remain split on whether the European Central Bank will resume cutting rates in July or wait until September as geopolitical risks weigh on markets.