The mortgage market changes with the decreases in interest rates of the European Central Bank (ECB). The fixed guy is the main protagonist of housing loans and does so after almost two years when the variable and the … Mixed did not stop gaining ground. Now, more than six out of ten credits are signed at a fixed type.
In mid -2022, the fixed typewhich means having the same interest throughout the life of the mortgage, reached its historical maximum since around 75% of housing loans to this modality were signed. Then, the ECB began to rise official interest rates, which causes an increase in the Euribor more or less directly. In that scenario, the banks began to make their commercial offer more expensive.
During the COVID and almost until the beginning of 2022, financial entities reached fixed interest rates even lower than 1%. Mortgage almost that it was free at that time. But the types of types arrived for 2022 and 2023. There the banks brought their fixed mortgages up to 4.5%, so consumers trusted the variable type again.
As 2024 progressed, the scenario changed again and now we are in a cycle of type drops. That causes the bank to have been lowering its fixed mortgages for a few months, which encourages the demand for this modality. Now, 63.4% of mortgages are signed to fixed, according to the last December data last year; This means chaining eight consecutive months of climbing the weight of this rate of interest on the total loans for housing, to the detriment of the variable.
Miquel Riera, an expert in HelpmyCash mortgages, points out that they believe that “the proportion of fixed mortgages contracted with respect to the total will rise in 2025. In fact, this has been the trend for a good part of the 2024. According to the INE data, the percentage of mortgages signed at a fixed type has been upward since May.” The reasons, he says, that lead customers to opt for this modality are, on the one hand, “the lowering of fixed mortgages (banks reduce their types) and, on the other, the search for security to uncertain economic perspectives.” This happened during the last year and by this 2025 they hope that the trend will continue since the banks are expected to continue with the reduction of their commercial offer. “We foresee that this modality will consolidate its hegemony,” he adds.
Bank has been lowering its fixed mortgages for months, in the heat of the decreases in ECB types, which animates the demand
Simone Colombelli, Director of Aiarro Mortgages, confirms the appetite for the fixed type, although with nuances: «We are seeing that more than 70% of the users who sign their mortgage through anchoring every month opt for the mixed mortgage. Does this mean that they prefer the mixed mortgage in front of the fixed? No, almost all users arrive at us want a fixed mortgage, but when they see how the market is and what can be saved every month when hiring a mixed mortgage, especially during the first years of the loan, they have no doubt and launch to sign mixed mortgages ». Mixed mortgages are those that in the first five or fifteen years have a fixed type and then become variable, referenced to the Euribor.
«The forecast we have for this year is to gradually reduce the number of people who choose a mixed mortgage and increase those who choose a fixed mortgage. Of course, for the fixed mortgage to be placed again as the queen of the market, banks should still lower the interest rates of these products, ”adds the expert, which explains that there is a difference of half point of interest between mixed and fixed the fixed right now.
Mortgage price
The interest of fixed mortgages has been descending with the passage of the months and is expected to deepen that trend, while the ECB follows in the type descent cycle. «According to our data, the fixed mortgages that banks market have an average interest that is around 2.70%. Now, there are entities that offer types below 2.50%: Evo Banco, Coinc, Banco Santander, Banca March… And we know that some banks can offer interests of about 2% or even below clients with a very good economic situation, ”says Riera, which predicts in the coming months, at the end of the first semester, the average type could reach between 2% and 2.25%.
Colombelli, on the other hand, looks at a little longer and points out that if the ECB continues to lower the types and, therefore, the Euribor continues to fall, “it is likely that this year, perhaps during the second semester, let’s see fixed mortgages around 1.5% tin or even below. For this reason, they could recover a lot of land to mixed mortgages, which have less margin of improvement ».
According to experts, the fixed mortgages that banks market now have an average interest that is around 2.70%
As experts point out, everything will depend largely on the ECB, which impacts the EURIVOR and also in the commercial policy of financial institutions. «The forecast is that this body will cut its types several times during this year. Consequently, entities will cost less money to be financed through this body and will have room to lower their financial products; Among them their mortgages, ”they point out from Helpmycash.
And all this, under the commercial battle environment between entities to capture customers, which also pushes banks with more mortgage appetite to lower their interest rates before. In the sector they resist talking about mortgage war, but among comparators it is a term that is already used regularly. “The most aggressive entities will reduce the price of their fixed mortgages, which are the ones that have the most demand, and other banks will respond with new sales so as not to lose market share,” says Riera.
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