Euribor rises to 2.83% in July, highest since 2023: more expensive mortgage
WHAT HAPPENED
The Euribor rose to 2.83% in July, its highest level since 2023 and up from 2.08% a year ago. For a typical variable mortgage, this implies about €63 more per month in an annual review.
WHY IT MATTERS
Although the ECB kept its official rate at 2.25%, the Euribor reflects what banks believe will happen next. As it rises, it makes variable mortgages more expensive: families pay more, spend less, and buying a home on credit becomes less attractive.
AND FOR YOUR PORTFOLIO
For a household with a variable mortgage, that means up to €762 less per year for other expenses in an annual review. In the economy, less money available can slow consumption and first affect housing, construction, stores, and services.
💬 TELL IT LIKE THIS
“The ECB did not raise its rate, but the market did make mortgages more expensive because it expects money to continue costing more.”