The number of mortgages established on homes increased by 8.8% in August compared to the same month in 2023, totaling 30,676 loans. In turn, the average interest rate is higher than the previous month, according to data released this Thursday by the National Institute of Statistics (INE).
Specifically, the average interest rate in August was 3.30%higher than the 3.17% registered in July and recording its highest rate since last April, when it was 3.38%.
It must be remembered that last June the European Central Bank carried out its first interest rate reduction this year, which was followed by two more; the last one just a week ago, which left the reference rate at 3.25%.
Every time the European supervisor lowers the price of money, the market expects drops in the Euribor, which is the reference used in Spain for mortgages.
As ABC already explained, analysts expect that by the third quarter of the year fixed-rate mortgages below 3% interest will be signed. At the moment, the average interest rate for home loans is slightly higher than a year ago (3.24%) and, with it, there have already been 17 consecutive months with rates above 3%.
Regarding the average amount of mortgages, in August it rose 5.3% year-on-year, reaching 145,352 euros. The capital lent, in turn, increased by 14.6%, to 4,458.8 million euros, and the average term was 24 years.
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