The Euribor is a year of declines and reduces the mortgage almost 4,000 euros

The Euribor today met its first year of uninterrupted declines and closed September at 1.261 percent, the seventh straight record low, making the mortgages underwritten a year ago this month a review will become cheaper to nearly 4,000 per year.
The September rate of the indicator, the most used for calculating mortgages in Spain, located more than four percentage points lower than that marked in September 2008 (5,384 percent), representing the biggest gap year of your history.
Once the Bank of Spain in the coming days to confirm this finding, a mortgage contract in September 2008 for an average of 150,000 euros, a repayment term of 25 years and a spread of 0.25 percent to review this months will experience a cut in the monthly fee of 327 euros less per month or 3924 euros less a year.
If the loan was 300,000 euros, the discount rises to 655 euros less per month or 7860 per year.

The Euribor for one year, which is actually the rate at which banks lend money in the euro area began to decline in October last year, coinciding with the collapse of the U.S. private banking firm Lehman Brothers and the immediate change of monetary policy by the European Central Bank (ECB).Analysts polled by EFE estimate that the Euribor will continue in the current minimum until the market finds that the ECB intends to raise interest rates, which will only happen when it see clear signs of economic recovery in the euro area.
At the moment it does not seem likely since last Monday, the ECB president Jean-Claude Trichet, said he has not time to withdraw the monetary policy measures implemented to revive the financial system and credit, and reiterated that the current level of interest rates in the euro area-the 1 percent-is still appropriate.

In Spain, the Bank of Spain shares this view and in its September economic bulletin released today, indicates that there are still doubts about the strength of recovery and the ability of some sectors to sustain itself without public support.
Analysts and investors estimate the Euribor could start up around February or March, anticipating a possible increase in the price of money in April or May.
After switching over the entire month September light ups and downs, minimum daily and always between 1.2 and 1.3 percent, the Euribor rate today repeated yesterday (1,236 percent).

Of the twelve consecutive months of declines has beaten the last seven historic lows of 1.909 percent in March, from 1.771 percent in April, from 1.644 percent in May of 1610 per cent in June, from 1.412 percent in July, and 1.334 percent in August.