According to the latest information from the National Institute of Statistics (INE), approximately 60% of the mortgages signed in our country have fixed interest rates and are preferred by those who want to be sure of the money they will pay every month. . Exactly In the Organization of Consumers and Users (OCU) we were able to read, Currently the mortgage landscape continues stableand conditions are consistent with last month.
In this sense, OCU explains that the impact of the European Central Bank’s increase in interest rates has already been felt due to the decrease in banks’ lending.
The European Central Bank increased interest rates again by 0.25% to 4.50% in September. It was also stated that it is expected that there will be no further increase for now, but no decrease is expected in the short term. This indicates that rates may remain high for a long time.
In September, Spain’s annual inflation index reached 3.5%, 0.9% higher than in August. The main reason for this is the increase in fuel prices. However, core inflation decreased by 0.3% to 5.8% in September.
In this context, the mortgage industry is showing stability, according to OCU. Banks appear to have paused increases in mortgage rates for now, and conditions, whether fixed or variable, are consistent with those in the previous month.
Best fixed mortgages
Fixed mortgage offers without additional conditions already exceed 3%, and it is possible to get a lower rate only by meeting certain requirements. These are the most outstanding offers on fixed mortgages for a loan of 100,000 euros for 15 years.
They did an analysis at OCU and concluded that these are the best fixed mortgages available right now. A simulation was made for a 100,000 Euro mortgage with a 15-year maturity:
- BBVA It offers a 2.80% fixed mortgage with no opening costs. To reach this rate, you need to deposit a payroll of at least 600 Euros and purchase both home insurance and depreciation insurance from BBVA, which covers at least half of the loan.
- OpenBank It offers a 3.05% fixed mortgage with no origination fee. To do this, you need to be a resident of the payroll or pension or have a monthly income of at least 900 euros (1,800 euros if you own more than one property). It is also necessary to get home insurance with OpenBank.
- Coinc It offers 3.25% on your fixed mortgage. It does not require automatic payment from payroll, but a Non-Salary Account must be opened with Bankinter to access this rate.
On the other hand, if what you are interested in is getting a variable rate mortgage, here we tell you about the best options that are on the market this October and if you want to get a loan, simulation on your mortgage and to find out how much you have to pay per month, in this link we tell you how to access the Spanish Mortgage Association (AHE).