The mortgage firm regained its tone in February and grew by 13.8%

Published on May 18th 2018

The average interest rate at the beginning of the loan was 2.66%, 15.3% lower than February 2017

The number of mortgages for the purchase of homes signed in Spain last February increased by 13.8% with respect to the same period of the previous year. In that month, 27,945 mortgages were constituted for an average amount of 119,708 euros, that is, for an amount 3.1% higher than a year ago, according to data published today by the National Institute of Statistics (INE). With this year-on-year rebound, the mortgage firm is chaining two consecutive months of promotions, after having rebounded by 9.2% in January (it must be remembered that it stagnated in December and fell 3.7% in November). And although with respect to the month of January the contracting decreased by 6.2%, in the accumulated of the year it increased by 11.4%.

The data of the INE reinforce the conclusions of the survey conducted by the Bank of Spain to the entities on bank loans in the first quarter of 2018, which ensured that the conditions to access a mortgage have been relaxed and are more favorable than before for the families

So much so that the average interest rate at the beginning of the loan was 2.66%, 15.3% lower than February 2017, and the average term of 24 years. The cheapening reached both the variable rate mortgages, whose average interest rate at the beginning was 2.47%, with a significant decrease of 20.4%; as for the fixed type, with a rate of 3.05%, 4.7% lower.

Although it seems that the new hypotheses have reverted to the variable rate, which represented 62.4% of the total loans for the purchase of houses, the fixed rate grew by 8.2% in the annual rate (its weight was 37.6%), according to the INE.

The total borrowed capital increased by 17.4% year-on-year to reach 3,345 million euros. This helped the mortgage firm increase in February in all the autonomous communities, except in Extremadura, Castilla y León and Aragón. And that in many the growth was of two digits. The communities with the highest annual variation rates were País Vasco (26.2%), Baleares (26.1%) and Andalucía (19%). In Madrid, the year-on-year growth was 17%, ahead of that registered in Catalonia (11.3%). They repeated the regions with the largest number of mortgages constituted on housing: Comunidad de Madrid (5,365), Andalucía (5,223) and Cataluña (4,357).


Source: El Pais

  • Barcelona

    93 293 19 07

    Paseo de Gracia 85, 2ª planta

  • Madrid

    91 800 54 66

    Serrano 43-45, 4ª planta

  • Valencia

    96 128 59 68

    Calle Mossen Femades 3, bajo dcha. Ed. Lauria

  • Palma

    97 100 32 03

    Calle Unió 9

We use our own and third-party cookies to make our website work safely and personalize its content. Likewise, we use cookies to measure and obtain data on your navigation and to adjust advertising to your tastes and preferences. Press the "Accept all" button to confirm that you have read and accepted the information presented. To manage or disable these cookies, click on "Configuration". For more information see our cookies policy.
Modify cookies
Technical and functional Always active
This website uses its own Cookies to collect information in order to improve our services. If you continue browsing, you accept their installation. The user has the possibility of configuring his browser, being able, if he so wishes, to prevent them from being installed on his hard drive, although he must bear in mind that such action may cause difficulties in navigating the website.
Analytics and personalization
They allow the monitoring and analysis of the behavior of the users of this website. The information collected through this type of cookies is used to measure the activity of the web for the elaboration of user navigation profiles in order to introduce improvements based on the analysis of the usage data made by the users of the service. They allow us to save the user's preference information to improve the quality of our services and to offer a better experience through recommended products.
Marketing and advertising
These cookies are used to store information about the preferences and personal choices of the user through the continuous observation of their browsing habits. Thanks to them, we can know the browsing habits on the website and display advertising related to the user's browsing profile.