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欧州中央銀行の銀行金利の引き下げは、住宅ローンに安く影響するのか?
¿Las hipotecas más baratas de la historia?
La rebaja de tipos se viene notando ya en las hipotecas antiguas
El efecto sobre la economía será escaso sin otras medidas complementarias
Are cheaper mortgages in history?
The discount rate has been noticing on mortgages and old
The effect on the economy will be limited without complementary measures
Miguel Jimenez Madrid 5 JUL 2012 - 13:22 CET
The discount rate has been noticing on mortgages and old
The effect on the economy will be limited without complementary measures
Miguel Jimenez Madrid 5 JUL 2012 - 13:22 CET
The lowering of interest rates has started to reach into the pockets of citizens even before the announcement. The interbank market where banks lend to each other, has been anticipating the cut in official interest rates. This has resulted in a reduction of the index that serves as a reference to mortgages, which can make in July the lowest level in its history.
There are, however, a great exception in this respect. The reductions affect mortgages already under contract (provided they have no ground clauses and once you get the time of annual review), many of which were also employed with very low spreads on Euribor. But in the new mortgage, not only is there great difficulty achieve (unless the vendor floor is the bank itself) but also the differentials that are required are much higher than before.
This prevents new customers to fully benefit from the lowering of the Euribor, which is trading at lower levels in its history in almost all maturities. In particular, the one-year Euribor, which is that (with the monthly average) serves as a benchmark for the cost of mortgages, today marked a record low in the 1.202%. Already in June closed at 1.219%, the second lowest monthly average since the existence of the euro.
That indirectly Euribor, companies that have loans indexed to this index, which are many, will also benefit from the lowering of interest rates.
more informationThe European Central Bank cut interest rates to a record lowThe Euribor touched a record low in expectation of rate cutThe Bank of England injected liquidity through asset purchases
For banks, the discount rate is double edged. On the one hand, it provides access to ECB liquidity at a price somewhat lower. Furthermore, since it also reduces to zero the rate at which the ECB remunerated deposits, run out the minimum return for the huge amounts that European banks (and to a lesser extent Spanish) stored in the institution.
But the fall of the Euribor is punishing your bottom line as it eats the margin in the entire portfolio of mortgage loans especially old, who were hired long-term, low premium over Euribor.
What about the overall economy?
The British economist John Maynard Keynes monetary policy compared with a rope. A central bank can pull the rope raising interest rates to slow down an economy galloping runaway, but can not push the rope when entering a recession and confidence is severely affected.
In the current situation, lower interest rates will do little by itself to boost growth if not combined with other measures. The European Central Bank has trouble adequately convey its monetary policy to the peripheral countries, the most needy of its momentum.
That interest rates in the short term are so low does not mean they are the long-term rates. The Spanish risk premium, or extra yield required from 10-year bonds over the Germans, has again today exceed 500 basis points (five points).
Investors demand more yield from 6.6% to invest in Spanish public debt to 10 years, and more than 5% for the three-year debt. For Spanish banking, wholesale funding markets are closed and the use of the European Central Bank is not enough to flow the credit.
In these circumstances, for Spanish companies with the same financial position than other German or Dutch, is much more expensive financing. The rate cut will do little to remedy the situation.
Therefore, many economists believe that the purchase of bonds of the peripheral countries is not so much a relief (or rescue) of states with problems but, above all, how to correctly transmit the necessary monetary policy to the weak demand.
There are, however, a great exception in this respect. The reductions affect mortgages already under contract (provided they have no ground clauses and once you get the time of annual review), many of which were also employed with very low spreads on Euribor. But in the new mortgage, not only is there great difficulty achieve (unless the vendor floor is the bank itself) but also the differentials that are required are much higher than before.
This prevents new customers to fully benefit from the lowering of the Euribor, which is trading at lower levels in its history in almost all maturities. In particular, the one-year Euribor, which is that (with the monthly average) serves as a benchmark for the cost of mortgages, today marked a record low in the 1.202%. Already in June closed at 1.219%, the second lowest monthly average since the existence of the euro.
That indirectly Euribor, companies that have loans indexed to this index, which are many, will also benefit from the lowering of interest rates.
more informationThe European Central Bank cut interest rates to a record lowThe Euribor touched a record low in expectation of rate cutThe Bank of England injected liquidity through asset purchases
For banks, the discount rate is double edged. On the one hand, it provides access to ECB liquidity at a price somewhat lower. Furthermore, since it also reduces to zero the rate at which the ECB remunerated deposits, run out the minimum return for the huge amounts that European banks (and to a lesser extent Spanish) stored in the institution.
But the fall of the Euribor is punishing your bottom line as it eats the margin in the entire portfolio of mortgage loans especially old, who were hired long-term, low premium over Euribor.
What about the overall economy?
The British economist John Maynard Keynes monetary policy compared with a rope. A central bank can pull the rope raising interest rates to slow down an economy galloping runaway, but can not push the rope when entering a recession and confidence is severely affected.
In the current situation, lower interest rates will do little by itself to boost growth if not combined with other measures. The European Central Bank has trouble adequately convey its monetary policy to the peripheral countries, the most needy of its momentum.
That interest rates in the short term are so low does not mean they are the long-term rates. The Spanish risk premium, or extra yield required from 10-year bonds over the Germans, has again today exceed 500 basis points (five points).
Investors demand more yield from 6.6% to invest in Spanish public debt to 10 years, and more than 5% for the three-year debt. For Spanish banking, wholesale funding markets are closed and the use of the European Central Bank is not enough to flow the credit.
In these circumstances, for Spanish companies with the same financial position than other German or Dutch, is much more expensive financing. The rate cut will do little to remedy the situation.
Therefore, many economists believe that the purchase of bonds of the peripheral countries is not so much a relief (or rescue) of states with problems but, above all, how to correctly transmit the necessary monetary policy to the weak demand.
欧州中央銀行の銀行金利の引き下げは、住宅ローンに安く影響するのか?
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