This houses they allocated some 12,000 million Euro savings last year, especially in the second half of the year. early repayments her mortgage and reduce the impact on quotas The rapid rise of Euribor. This has caused the balance of credit for the purchase of housing to get down (0.07%, max 510,957 million) after that grow in 2021 For the first time since 2010, it seemed to signal a change in trend at the time. Like this new operations amount of 65,220 million If in 2022 total depreciation (cash loans plus those natural due to loan expiration) rose to 389 million. 65,609 millionAccording to data from the Bank of Spain.
mortgage balance started to go down end August For the first time since the end of 2020, repayments have since surpassed new loans, largely thanks to early payments. “A lot families with savings went to their bank to ask how much were they supposed to pay back advance their mortgages quotas remained more or less the same Despite the increases in Euribor. Inside big citieswhere the loan amount was higher, they were basically able to do it. families with more savings and higher rents. But in the rest, let’s say the size Zaragosa downIt is a possible process. more generalized“, indicate financial resources.
Everything points to the trend will continue this yearespecially the Ministry of Economy last November not having to pay commissions for early payments throughout 2023 (Also to switch credit from variable to flat rate). For now, the mortgage balance is in January and February. 4,800 million moredespite the new mortgage 8,098 million (13% and 1.212 million less than the first two months of 2021), which means that depreciation 12,898 million (45% and 4.054 million more).
triggered euribor
Families who can afford them with upfront payments, to hide Given the accelerated and unprecedented increase recorded by euribor since last year. as a result of the increases official types The indicator used by the European Central Bank (ECB) to fight inflation is the most mortgage variable rate went to spain -0,502% December 2021 (historical minimum zone) 2022 3.018%. The increases have continued so far this year, with banks lending to each other on average. March with 3.647%.
The result has been that home loan payments at a variable rate since last year it’s getting more expensivedespite higher increases (three percentage points plus more than the contractually agreed difference) Started with Euribor October and they will continue by the middle of the yearand then gradually moderate. This is because the installments increase if Euribor is higher in the reference month for the loan review (usually the month before two months) than in the previous year. Inside second termIt will begin to be compared with the highest levels of the second half of 2022. quotas will tend to soften.
Caused the rise of Euribor average portfolio ratio percentage of bank mortgages stopped moving in approximate historical minimums 1.1% by the end of 2021 fire 2.5% in FebruaryMaximum since the same month of 2013. The average interest on the mortgage balance has therefore increased at an extraordinary rate. old loan review when it comes to her price of a new onefloating rate and fixed rate, with average interest rate rising from an all-time low 1,382% in December 2021 at 3.431% last February is the most expensive price since April 2012.
containment factor
Curiously, defensive early repayments of homes slow the rise from new mortgages. “Contrary to appearances, the increase in rates and Euribor they don’t move very strong new mortgage prices Currently offered. Declining due to unpaid bank balances advance acceleration existing mortgages and competition between organizations continues to be difficult, so they still offer interesting mortgages to attract customers,” said Juan Villén, Idealista mortgage general manager.
Mortgages in Spain, in any case, more expensive than the eurozone Between December 2021 and last February, both in balance (from 1.63% in the currency union to 2.05%) and in new loans (from 1.31% to 3.24%). in parallel, fee meaning deposit Continuing to increase in Spain (0.86% new and 0.32% balance in February) well below average Among euro countries (1.92% and 1.45%), this explains why Spanish banks maximize profitability from their retail customers.
Despite this low price, economic uncertainty It led Spanish households to book an all-time high of €1.078 trillion (43,944 million and 4.2% more than in 2021) in cash and deposits last year. lose purchasing power Despite this increase in savings, total financial wealth families (assets minus financial liabilities) fell 0.2 percent to 1.95 trillion, and their investments in mutual funds, listed stocks, life insurance and pension funds depreciated due to the bad last year to 1.95 trillion. Markets due to the inflationary spiral and the war in Ukraine.