The dynamism continues in the housing market. The number of mortgages increased by 33.9% year-on-year in September, which is its highest rate since September 2021. After the number of operations, the data published by the National Institute of Statistics (INE) reveals another milestone: the 41,306 loans signed are a record for the last two years, since September 2022. The drop in the average interest rate to 3.14%, the lowest level since April of last year, completes the scene.
With the year-on-year advance in September, the mortgage firm adds three months of increases after growing 8.8% in September and reaching the highest percentage since August 2021.
After the interest rate reduction carried out by the European Central Bank (ECB) in view of the better inflation data and the relaxation of the Euribor, the average interest rate in August was 3.14% for mortgages constituted on homes compared to 3.3 % registered in August, to achieve its lowest rate since April 2023 (3.08%). All in all, it has already accumulated 17 consecutive months above 3%.
In more detail, Statistics indicates that 61.4% of mortgages on homes signed in September, with an average term of 25 years, were at a fixed interest rate (the highest level since May 2023), with an average rate initial rate of 3.30%, compared to 38.6% that were closed at a variable rate, with an average initial rate of 2.92%.
The average amount of mortgages constituted on homes rose by 4.5% year-on-year in the ninth month of the year, to 150,528 euros, while the capital lent increased by 39.9%, to 6,217.7 million euros.
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