The ECB raises interest rates and increases the price of the 4 million variable mortgages in Spain

If you are thinking about or have to ask for a loan, a mortgage, for example, you already know that since this week they are even more expensive because the European Central Bank (ECB) has raised interest rates by half a point. For an average mortgage of 100,000 euros, this is going to mean a hundred euros more per month and that many clients are inclined towards fixed-rate mortgages. Containing runaway prices is the objective of the ECB and its recipe is to raise interest rates. The 0.5% increase in the price of money comes after 11 years of interest rate cuts, the last six to zero. Now financing will be more expensive, both consumer loans and mortgages. The other objective, to avoid real estate bubbles because those who have savings resort to brick as a refuge. The measure affects the 4.1 million variable-rate mortgages in Spain. As they are now the most demanded, it is foreseeable that the fixed-rate mortgage offers will begin to be less attractive. The other side of the coin, savings, which can start to give some return. The ECB has already warned that this rate hike will not be the last, in September there will be more. Experts, in the current context, rule out excessive increases like those we experienced in the previous crisis.-Editor-