Number of mortgages established on housing It fell 22.7% last August Compared to the same month in 2022, a total of 28,344 loans were reached. The average interest rate continued its rise and reached 3.25%, It is the highest figure since July 2016, according to data released this Wednesday by the National Institute of Statistics (INE).
Chains of residential mortgage companies with annual decline in August Seven months of negative interest ratesHowever, August was more pronounced than that recorded in July (-18.8%).
Total number of housing loans recorded in August (28,344) Second lowest figure since January 2021This figure was only surpassed in April of this year, when just over 27,000 mortgages were created.
In the eighth month of the year, the average mortgage amount granted to houses decreased by 4.6 percent annually to 138 thousand 171 euros, while the loaned capital decreased by 26.2 percent and reached approximately 3 billion 916.3 million euros.
According to the autonomous community, the countries that recorded the most mortgages in August were Andalusia (6,046), Catalonia (4,472) and Madrid (4,139).
Similarly, the regions where the most capital was lent for the origination of home mortgages were Madrid (853.3 million euros), Andalusia (788.9 million) and Catalonia (694.6 million).
Only two communities signed more home mortgages last August compared to the same month in 2022: the Canary Islands, up 11.8%, and Murcia (+4%). Year-on-year declines were recorded in the remaining regions, particularly in Cantabria (-34.9%), Madrid (-31.4%) and the Valencian Community (-30.6%).
On a monthly basis (August to July), home mortgages fell by 3%, while loaned capital fell by 6.6%; This was the largest drop in August since 2020.
In the first eight months of 2023, there was a 15.4 percent decrease in housing loans, a 17 percent decrease in loan capital and a 1.9 percent decrease in the average amount.
Interest rates are at their highest level in 7 years
Following the interest rate increase policy implemented by the European Central Bank (ECB) in order to control inflation and the development of Euribor, the average interest rate for all housing loans was 3.62% in August. The highest number since October 2014The average maturity is 23 years.
43.4 percent of the mortgages on the total number of houses were with variable interest rate and 56.6 percent were with fixed interest rate. Initially, the average interest rate reached 3.38% for variable rate mortgages and 3.92% for fixed rate mortgages.
When it comes to houses, Average interest rate reached its highest value since July 2016, at 3.25%. The average maturity is 24 years. Compared to the previous year, the average mortgage loan interest rate increased by 1.3 points. It appears that the interest rate has exceeded 3% for the fifth month in a row.
Last August, 42.1 percent of residential mortgages were signed with variable interest and 57.9 percent were signed with fixed interest. Initially, the average interest rate was 2.89% for variable-rate mortgages and 3.54% for fixed-rate mortgages.
A few months ago, INE examined the statistical series of interest rates since January 2020 after launching a new procedure to verify the results of the average initial interest rate on established mortgages.
Total number of mortgaged properties decreased by 24.3%
Number of mortgages on rural and urban properties (the latter includes houses), according to data from the statistical agency decreased by 24.3% in August Compared to the same month in 2022, the total amount reached 36,320 loans.
Capital of mortgage loans granted It fell by 10.2% in the eighth month of the yearThe average mortgage amount based on the total number of residences increased by 18.7 percent, reaching 183 thousand 498 euros.
Mortgages increase as conditions change
Last August, total 10,474 mortgages changed their terms, a figure that is 4.5% higher than in the same month in 2022.
Taking into account the type of change in circumstances, there were 8,270 renewals (or changes with the same financial institution), up 4.1% year on year.
The number of person-changing operations (subrogation to creditor) was 1,853; this was 32% more than in August 2022. Meanwhile, in 351 mortgages, the owner of the mortgaged asset changed (borrower subrogation), 47.5% fewer than a year ago.
Of the 10,474 mortgages whose status changed, 38% were due to changes in interest rates. With the change in conditions, the rate of fixed-rate housing loans increased from 11.8 percent to 35.6 percent, while the rate of variable-rate housing loans decreased from 87.2 percent to 63.6 percent.
Euribor is the reference rate for the highest percentage of variable rate mortgages.both before the change (83.6%) and after the change (61.8%).
After the conditions were changed, the average interest rate on variable-rate mortgages increased by 0.3 points, while the interest rate on fixed-rate mortgages increased by four tenths.