Property owners in Spain watch closely as Spanish mortgage interest rates rise

Property owners in Spain watch closely as Spanish mortgage interest rates rise

The Euribor (the rate used to calculate mortgage payments in Spain) has fallen rapidly to it's lowest level in history, however new figures have revealed that the average mortgage interest rate used by banks to calculate mortgage repayments were still rising.

The average mortgage interest rate in January 2009 had risen by approx. 10% to 5.64% compared to last year. (source: National Institute of Statistics).