Last November, the number of residential mortgages decreased by 19.1% compared to the same month in 2022, reaching 32,645 loans; This was the lowest November figure since 2020, and the average interest rate moderated slightly from the previous month.
Specifically, this reached 3.27% compared to 3.32% in October, according to data released this Thursday by the National Institute of Statistics (INE); however, it has remained at maximum levels since the end of 2015.
There was a decrease on an annual basis in November. The home mortgage company has had negative interest rates for ten months, However, November was less pronounced than October (-22.3%).
In the penultimate month of last year, the average mortgage amount given to houses decreased by 0.5% annually to 145,894 euros, while the loaned capital decreased by 19.5%, reaching almost 4 billion 763 million euros.
after the policy Interest rates applied by European Central Bank (ECB) To try to control inflation and the development of Euribor, the average interest rate was 3.27% with an average maturity of 24 years. Compared to a year ago, the average mortgage loan interest rate increased by seven tenths.
It was the eighth consecutive month that the interest rate exceeded 3%, but it was also the first time it fell last year. Since December 2022, this indicator has been on the rise, reaching a record figure in eight years. It was at 3.32% in October 2023.
46.8 percent of residential mortgages were signed last November with a variable rate, the highest rate since January 2021, while 53.2 percent were signed with a fixed rate. Initially, the average interest rate was 3.03% for variable-rate mortgages and 3.53% for fixed-rate mortgages.
Inside intermonth rate (November 2023, compared to October of the same year), home mortgages increased by 2.3%, while loaned capital increased by 6.1%.
In the first 11 months of 2023, there was a 17.8 percent decrease in housing loans, a 19.4 percent decrease in loan capital and a 2 percent decrease in the average amount.
Andalusia and Madrid are the ones that sign the most mortgages
With autonomous communities, The countries that recorded the most residential mortgages in November 2023 were Andalusia (6,906), Madrid (6,364) and Catalonia (5,140).
Similarly, the regions where the most capital was lent for the origination of home mortgages were Madrid (1,303 million euros), Andalusia (918.2 million) and Catalonia (816.2 million).
Fifteen fewer communities signed fewer home mortgages last November compared to the same month in 2022; This highlighted declines in La Rioja (-53.4%), Extremadura (-45.4%), the Balearic Islands (-39.4%) and the Canary Islands (-). 38.2%). There was an increase only in Castilla-La Mancha (+40.9%) and Cantabria (+8%).
Total number of mortgaged properties decreased by 18.4%
According to the data of the statistical institution, number of mortgages on rural and urban properties (the latter includes houses) totaled 43,009 loans in November 2023, down 18.4% compared to the same month in 2022.
capital city mortgage loans While the loans given in the last month of last year decreased by 15.8 percent to 6 billion 945.2 million euros, the average amount of mortgages created on all properties increased by 3.2 percent and reached 161 thousand 484 euros.
Housing loans that change the conditions are increasing
Last November, the terms of a total of 11,663 mortgages changed; This figure increased by 8.7% compared to the same month in 2022.
Taking into account the type of change in circumstances, there were 9,202 renewals (or changes with the same financial institution), up 4.1% year on year.
The number of person-changing transactions (subrogation to creditor) was 1,812; this was 22.8% more than in November 2022. For its part, 649 mortgages changed ownership of the mortgaged asset (subrogation to the debtor), 59.5% more than a year ago.
Of the 11,663 mortgages whose status changed, 38.9% were due to changes in interest rates.