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Most mortgages in Spain and Portugal are based on the Euribor rate. The ECB's monetary policy under Draghi has led to the decline of the Euribor rate to near zero in 2015, giving homeowners in extremely high unemployment countries such as Spain and Portugal much needed relief. Homeowners in Italy, with stagnant incomes and high unemployment, and other eurozone countries also get relief.
Tumbling Interest Rates in Europe Leaves Some Banks Owing Money on Loans to Borrowers
Wall Street Journal 04/14/2015
Spain Still Suffering Fallout From Housing Bust
Wall Street Journal 05/28/2014
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