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Relief for mortgage holders in Spain, Portugal, France and other eurozone countries as the Euribor rate approaches zero in 2015
04/14/2015
The Euribor rate is close to zero in April 2015. Mortgage rates in Spain, Portugal and other eurozone countries are set at a level of Euribor plus 0.3%. This means significant savings for homeowners with a mortgage in Italy, Spain and Portugal, countries where mortgage holders badly needed relief, especially following the housing crisis in Spain with high unemployment. In some cases this has cut the mortgage payments by a third of the amount owed. Euribor below zero could lead to a situation where homeowners are owed money by banks which could then reduce the mortgage principal owed. In Italy, Spain and Portugal mortgage rates use Euribor plus about 0.3% for setting mortgage rates. This is one way in which the ECB's monetary policy is helping the economic recovery in Europe.
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