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Euribor rate rockets

Mon 28th Feb 2011

The Euribor rate for February is the highest that it has been for more than 18 months, according to economists.

The Euribor rate currently stands at 1.711% as of the last day of the month, meaning that anyone with a variable-rate mortgage is now paying significantly more than they were the same period last year.

Based on a 150,000 euro loan, to be repaid over a 25 year period, monthly repayments have increased by 34 euros to reach an average of 614 euros per month.

Although Euribor interest rates in the Eurozone are not expected to increase much in the short to medium term, economists predict that the steady rise seen since May 2009 is likely to continue for the foreseeable future.

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