Euribor rates have stayed negative for the eighth month in a row this September.
The 12-month Euribor, which is the rate used to calculate most mortgage repayment values in Spain, France and other European countries, hit a record low, falling from -0.048 in August to -0.057, the eighth consecutive month of negative rates.
Indeed, compared to a year ago, when Euribor was at an already-low 0.154, interest rates for Eurozone mortgages has fallen 137 per cent.
The result means that Spanish mortgage borrowers will see repayments fall by around €10 a month (for a €120,000 loan on a 20-year term), which will make Spanish housing that bit more affordable for many.
Many experts predict that the unprecedented situation will continue for some time, with experts expecting conditions to remain the same for potentially two years. Fixed rate mortgages, meanwhile, are becoming increasingly popular.
