European Central Bank stimulus measures have driven the 12-month euro interbank offered rate, or Euribor, the benchmark for most of Spain’s 558 billion euros ($625 billion) of mortgage loans, into negative territory for the first time in a boost to the economy. The lower it goes, the more homeowners save. A negative Euribor doesn’t necessarily mean mortgages will follow in the same direction immediately as rates are set monthly by the Bank of Spain.

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